Kevin Hart signs $100 Million investment agreement to create new media venture "HARTBEAT".
Kevin Hart’s Media Company Sells $100 Million Stake to Private Equity
The Philly Stand-up comedian and Hollywood actor Kevin Hart on Tuesday (April 26) launched a new media company called HartBeat, with a $100 million investment from private equity firm Abry Partners.
The company - called HARTBEAT - said it would produce and distribute television and film content focused on ‘comedic storytelling’.
The $100 million investment comes from private equity firm Abry Partners, which focuses on investments in the media, communication and information services space. With the deal, Hart combines Hartbeat Productions and Laugh Out Loud into a single Hartbeat banner led by CEO Thai Randolph, who helped raise the capital and had been chief operating officer of both companies. NBCUniversal remains a shareholder after taking an equity stake in Laugh Old Loud in 2020.
Hart plans to use the investment to hire more employees, grow the existing brands within the new enterprise and develop new content.
“The creation of Hartbeat and our capital raise with Abry represent a new era in comedy,” Hart stated. “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.”