Kevin Hart has raised substantial funding to merge his existing entertainment companies.
According to a press release shared with AfroTech, the comedian and Hollywood entertainer has merged Laugh Out Loud and HartBeat Productions to form HARTBEAT. In addition, it was also announced that the multi-platform media company raised $100 million from Abry Partners, in which the private equity firm took a minority investment. The funding will support new content, hiring new teams, and the expansion of existing brands and franchises.
A Statement From Kevin Hart, According To A Press Release:
“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. 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. 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. I can’t wait to bring the world more comedians, experiences, and stories with humor and heart.”
Hart Will Become Chairman Of HARTBEAT
According to the arrangement, Abry Partners’ Nicolas Massard will join the HARTBEAT board and NBCUniversal’s Peacock, which took an equity stake in LaughOut Loud in 2020 and signed a multi-year first-look deal, will still be a shareholder.
Furthermore, the daily operations of HARTBEAT will be managed by existing hires at Hartbeat Productions and Laugh Out Loud. Hart will wear the hat of Chairman and Thai Randolph, President & COO of Laugh Out Loud will become the CEO of the entertainment company. It was also said that Randolph led the capital raise.
HARTBEAT Has 60 Projects In Development
HARTBEAT is home to an impressive arsenal of verticals including “Dave; Comedy in Color” “Meditate with Me” with Tiffany Haddish, and more.
As the company looks ahead, it plans to launch over 60 projects including “Me Time” on Netflix with Mark Wahlberg and Regina Hall, “Storytown” on HBO Max, and “So Dumb It’s Criminal” with Snoop Dogg on Peacock.
“We’ve scaled our business in an ever changing media landscape by delivering comedy to audiences wherever and whenever they want to laugh, and have demonstrated an unmatched ability to generate sales, subscriptions and eyeballs for some of the top entertainment and brand partners in the world, while driving cultural currency and conversation among some of the most coveted audiences,” said CEO Thai Randolph, according to a press release. “At HARTBEAT, we’re building an end-to-end entertainment enterprise that creates, markets and distributes the most culturally relevant IP and experiences in comedy and beyond. The merger and capital raise help us further scale and invest in the future of comedic entertainment, creating more high demand content and experiences at the intersection of comedy and culture.”