The deal with Abry Partners is the latest example of private equity’s pushing into Hollywood to cash in on the demand for streaming shows.
Kevin Hart has heard the doomsaying about the streaming industry that has rattled Hollywood since Netflix reported last week that it had lost subscribers in recent months.
Mr. Hart has a big backer supporting his thesis. On Tuesday, Mr. Hart’s media company, HartBeat, said it had raised $100 million from Abry Partners, a private equity firm in Boston. Abry is buying a 15 percent stake in HartBeat, people with knowledge of the deal said, valuing the company at more than $650 million.
Valuations have soared thanks partly from the firms’ interest. Hello Sunshine, the company founded by Ms. Witherspoon, was valued at nearly $1 billion in its deal with Candle Media, a new company backed by the private-equity firm Apollo Global Management. Moonbug Entertainment, owner of the hit children’s show “CoComelon,” was valued at close to $3 billion in a deal with Candle Media.
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