Valence takes stake in Corden firm

Fulwell 73 team (L to R) Leo Pearlman, Ben Winston, Gabe Turner, Ben Turner and James Corden

House of Cards and Ozark producer Valence Media has taken a minority stake in Fulwell 73, the company behind Apple’s Carpool Karaoke and co-run by James Corden.

Valence Media has made an investment of about £45m (US$59m) comprising cash and Valence equity for a “significant” minority stake in London- and LA-based Fulwell 73.

The independent production company is run by partners Ben Winston, Leo Pearlman, Gabe Turner, Ben Turner and Corden, presenter of The Late Late Show on CBS in the US.

Valence, led by co-CEOs Asif Satchu and Modi Wiczyk, launched in February this year and is made up of MRC, Golden Globe Awards producer Dick Clark Productions and the Billboard-Hollywood Reporter Media Group. It also has a minority interest in A24 Studio.

MRC was one of the first companies to work on original content with Netflix, adapting BBC political drama House of Cards for the streamer in 2013. It has since been behind crime drama Ozark for the SVoD giant.

Under the terms of the deal, Fulwell 73 will continue to operate as an independent entity under its existing management structure, led by the five partners, Valence Media said.

Fulwell 73 produces entertainment content such as Drop the Mic as well as the documentaries Class of 92, I Am Bolt and One Direction 3D: This Is Us, and coproduces The Late Late Show with James Corden. Carpool Karaoke won an Emmy earlier this month, marking Apple’s first Primetime Emmy Award.

The firm is also working on Sunderland Till I Die, a sports doc about the demise of the north-east England football club, for Netflix.

Valence Media pointed to both companies having a “significant focus” on music-driven content as one way the two could collaborate in the future.

Fulwell 73 was advised on the investment by Jonathan Norman and Daniel Fugmann from Stella EOC, BDO and Michael Brader and Jason Fisher from Wiggin, as financial and legal advisors, respectively. Kirkland & Ellis provided legal counsel to Valence Media.

“Fulwell 73 is a leader in incorporating music, comedy and sports in innovative ways across its global TV, documentary, digital and film content. Each of Fulwell 73’s partners uniquely combines artistry and entrepreneurship and together they have built a remarkable organisation that shares these capabilities,” said Satchu and Wiczyk in a joint statement.

“As a company we have never stood still and in Valence we now have a partner that can support the ambitions we have for growth, match our entrepreneurial spirit and share our demand for the highest creative standards, whilst allowing us to retain the independence that has been so integral to our success,” said Pearlman.