US private equity firm on the look-out for additional acquisitions to expand company footprint
LA-based private equity firm Oaktree Capital Management has acquired streaming outfit FilmRise and merged it with film and TV distributor Shout! Studios to create a new venture.
The combined company, Radial Entertainment, describes itself as a “global content distribution platform” with a library of 70,000 movies and TV episodes. Oaktree bought into Shout! back in 2023.
Garson Foos, chief exec and co-founder of Oaktree-backed Shout! Studios, will become chief of Radial and Danny Fisher, chief exec and co-founder of FilmRise, will become executive chairman. Financial details have not been revealed.
Oaktree said the strategy is to create a company “where each business brings unique and complementary capabilities, assets, and expertise that interlock to create a complete, end-to-end production, distribution, and streaming business”.
FilmRise, which was launched in 2012 by Fisher, Jack Fisher and Alan Klingenstein, was a pioneer in digital streaming and a first mover into FAST channels, with more than 600 currently in operation.
Its TV catalogue, meanwhile, includes thousands of hours predominantly unscripted content with a particular focus on true crime, reality, classics, medical and food genres. Titles include Forensic Files and Unsolved Mysteries.
Oaktree said that by combining FilmRise’s operations with Shout!’s mainly scripted library would enable Radial “to become the independent distributor of choice,” but added that further acquisitions were being sought.
Jared Frandle, managing director for Oaktree’s special situations strategy, said: “We believe combining these companies under the Radial umbrella creates a world-class film and TV media business.
“It’s an extraordinary combination that we believe brings the unique scale needed to compete and win in the rapidly evolving landscape of digital entertainment and streaming media.
“Based on our extensive work in the space, we continue to seek opportunities to invest and grow our catalogue of film and TV titles. To that end, Oaktree is committed to working with Radial’s best-in-class management team to drive significant organic and M&A-driven growth going forward as we build Radial into a premium brand name in the media and entertainment space.”
Foos said: “This is a highly additive merger between two very complementary organizations, and we have strong conviction in the incremental value that Radial will bring to our partners and dedicated consumer fan base.”
Fisher added: “With an incredible leadership team and steadfast support from Oaktree Capital Management, we have exciting new opportunities to leverage our extensive content libraries and combined operational resources to drive future growth.”
Salem Partners acted as the exclusive financial and investment banking advisor to Oaktree and Shout! Studios. Guggenheim Securities acted as the exclusive financial and investment banking advisor to FilmRise. Greenberg Traurig acted as exclusive legal advisors to Shout! Studios. Manatt, Phelps & Phillips acted as exclusive legal advisors to FilmRise.
No comments yet