A+E Networks Acquires Stake In Range Media Partners For About $50 Million

deadline.com:

A+E Networks has taken a minority stake in management and production firm Range Media Partners. No financial details are being disclosed but the stake is believed to be in the high teens percent and the deal in the $50 million ballpark, with Range’s valuation at around $300 million.

That is a hefty valuation, especially for a company that is just a year and a half old. It is close to what one of Hollywood biggest, most established management-production companies, 3 Arts, sold for in 2018 after 27 years in the business.The investment, spearheaded by Paul Buccieri, President & Chairman, A+E Networks, and Range CEO Peter Micelli, will see A+E Studios, A+E Networks’ production arm led by Barry Jossen, become a co-production partner for scripted TV projects emerging from Range.

It also gives A+E Networks, which operates the likes of A&E, History and Lifetime, a first-look deal on factual television content for its own unscripted production unit comprised by Category 6 Media and Six West Media, which produces 400+ hours of content annually.Range Media was launched in September 2020 with principal backing from hedge fund billionaire Steve Cohen, via his early-stage venture capital firm Point72 Ventures, which is still a minority investor, and additional backing from former New York Knicks coach David Fizdale, Microsoft CMO Mich Matthews-Spradlin and Grubhub founder/CEO Matt Maloney.According to sources, Range still has a sizable war chest left from the initial investment and was not proactively looking to sell.

The company’s model is built on creating multiple joint ventures with various studios and platforms for various projects. Range had formed a JV with A+E Studios, which has yielded at least one series in development,