Kevin Hart announced on Tuesday he is merging his Laugh Out Loud and HartBeat Productions to form HartBeat, a global, multi-platform media company.
HartBeat launches with a $100M investment from private equity firm Abry Partners, which took a minority investment in the new company.
As part of the deal, Abry Partners partner Nicolas Massard will be joining the HartBeat board. Peacock, NBCUniversal’s streaming service, which signed a multi-year, first look deal and took an equity stake in Laugh Out Loud in 2020, will remain a shareholder. “The creation of HartBeat and our capital raise with Abry represent a new era in comedy.
This all started out with a mission to keep the world laughing together and I’m so proud our teams have delivered on that, putting in the hard work to build the most innovative and inclusive comedic storytelling company,” said Hart in a press release.“In an industry that loves to say no and close doors, I’ve been bullish about forging our own path and using our success to open doors for others,” Hart added. “With this merger and funding, we’re taking the new blueprint we’ve built in entertainment to the next level and creating opportunities for a new generation of comedic talent.
Read more on thewrap.com
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