Cash injection of $400mn for studio behind ‘Top Gun: Maverick’ defies gloom in public entertainment groups
Skydance Media, the Hollywood production company behind the blockbuster Top Gun: Maverick, has received a cash injection of $400mn led by KKR.
The investment, which also included existing shareholders the Ellison family, RedBird Capital Partners and Tencent, gives Skydance a valuation of more than $4bn. The funding will back new initiatives in sports and interactive entertainment, and help build the company’s fledging animation division.
The capital injection comes as the public market capitalisations of major media groups, including Netflix, Warner Bros Discovery and Disney, have experienced sharp declines. After a few heady years when private equity and other investors flocked to assets exposed to the entertainment business, the mood has shifted sharply because of concerns about the cost and growth potential of the streaming video business.
Read more: FT
