Private Equity Firm Purchases $100M Stake In Kevin Hart’s Media Company

April 26, 2022

Kevin Hart isn’t letting the recent news about streaming services losing steam stop him from securing bags.

The New York Times reports that actor/comedian Kevin Hart is not letting the woes streaming services are facing after Netflix shared it is bleeding subscribers frighten him. Hart’s media company HartBeat just secured a $100 million bag despite Hollywood being on edge about streaming services.

Hart expressed his confidence in the medium in an interview he conducted while filming a Netflix project in Belfast. “There’s too many different entities, there’s too many different platforms, there’s too many different places for the world of content to die down,” Hart said “If anything, it’s now amplified.”

Hart’s new backer, Abry Partners, a private equity firm, believes Hart and his media company are in a good space despite recent developments hence the investment.

Per the New York Times:

HartBeat, a new company, combines Hart’s two companies, Laugh Out Loud, a comedy subscription service founded in 2016 by Lionsgate film studio, and the actor and HartBeat productions, his production company. Hart will be stepping aside as chief executive but will retain the title of chairman of the company’s board. Thai Randolph, who previously served as Laugh Out Loud and HartBeat Productions chief executive, will take Hart’s place. Kevin Hart’s longtime business partner Jeff Clanagan will take on the role of the company’s chief distribution officer. Hartbeat Productions president of film and TV Bryan Smiley will become HartBeat’s chief content officer.

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