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Kevin Hart’s new media company gets $100 million private equity investment -Breaking


© Reuters. FILEPHOTO: Kevin Hart poses with his cement-covered hands during a ceremony on the TCL Chinese theatre’s forecourt in Los Angeles. The event took place December 10, 2019. REUTERS/Mario Anzuoni

(Reuters) – Kevin Hart, a comedian and actor from Hollywood, launched HARTBEAT on Tuesday with a $100m investment by Abry Partners.

Abry is a company that invests in media, communications and information services. It took a minor stake at an undisclosed value.

Hart is well-known for his performances in movies such as “Ride Along” or “Central Intelligence”. Hart will chair the venture that was created from Hart’s entertainment companies Laugh Out Loud Productions and HartBeat Productions.

Thai Randolph was previously a senior executive at the two businesses and will now be chief executive of HARTBEAT.

It was also stated that Nicolas Massard, a partner in Abry, would join Abry’s board, and that NBCUniversal would still be a shareholder of NBCUniversal’s streaming service Peacock.

HARTBEAT claimed it would create and distribute content for television and films that is focused on comedy storytelling and was at various stages of development and production on more sixty projects.

In recent months, a number of large buyout companies have entered the entertainment sector to capitalize on high demand.

Apollo, a private equity firm, announced in January that it was investing $760 million into Legendary Entertainment. This production and finance company is behind many films, including “Dune” (above) and “Godzilla vs. Kong (below).

Netflix Inc. (NASDAQ:) reported last week that it lost its subscribers due to inflation and fierce competition.