Kevin Hart’s new outfit Hartbeat nets $100m investment from private equity

US comedian Kevin Hart’s new media company Hartbeat has picked up US$100m in investment from private equity firm Abry Partners.

Kevin Hart

The new firm was formed after the combination of two of Hart’s existing businesses, Laugh Out Loud and HartBeat Productions.

The cash injection will be used to expand Hartbeat’s team, accelerate the growth of its existing brands and franchises and build new ones.

The existing leadership teams from both Hartbeat Productions and Laugh Out Loud will continue to oversee day-to-day operations, with Hart acting as chairman of the newly merged entity.

Thai Randolph, who spearheaded the investment round and previously held positions as president and chief operating officer of Laugh Out Loud and COO of Hartbeat Productions, has been promoted to lead the new entity as CEO.

Hartbeat Productions’ president of film and TV Bryan Smiley has been elevated to president and chief content officer at Hartbeat. Meanwhile, Laugh Out Loud’s Jeff Clanagan will become president and chief distribution officer. In addition, HartBeat Productions co-founder Leland Wigington will move to lead a new production banner under Hartbeat.

The company is also implementing a new structure under three newly created divisions: Hartbeat Studios, focused on financing, developing and producing film and TV content, led by Smiley; Hartbeat Media, led by Clanagan, which aims to connect with consumers around the world through events, gaming, music publishing, Web3 initiatives and distribution; and branded entertainment studio Pulse.

“With this merger and funding, we’re taking the new blueprint we’ve built in entertainment to the next level and creating opportunities for a new generation of comedic talent,” said Hart.

With the US$100m investment, Abry Partners also took a minority stake in the newly formed company, with Abry partner Nicolas Massard joining the Hartbeat board. NBCUniversal-owned streamer Peacock, which took an equity stake in Hartbeat in 2020 and has a multi-year first-look deal, will remain as a shareholder.

Hartbeat said it is in various stages of development and production on more than 60 projects. In addition to its pact with Peacock, the company also has a film deal with Netflix and an agreement with Audible in partnership with Charlamagne Tha God through a joint venture called SBH Productions.

Upcoming projects created and produced under the Hartbeat umbrella include Me Time (Netflix) starring Mark Wahlberg and Regina Hall; Storytown (HBO Max); action heist story Lift (Netflix); documentary #1 on the Call Sheet (Apple TV+); season two of Die Hart (Roku); and So Dumb It’s Criminal (Peacock).