One of Hollywood’s most prominent funny men just got a major bag.
Comedian Kevin Hart’s got his own media company, named HartBeat, where he’s been putting out content, growing talent, and producing for everyone from the likes of HBO Max to Netflix. Now, his company has become so profitable and prominent that he’s decided to sell a stake to Boston-based private equity firm Abry Partners for $100 million.
According to the NY Times, the company is roughly worth $650 million, so the stake represents about 15% of the business. Hart understands that the need for content is at an all-time high, and his company is ready to further jump into the mix and give consumers what they want.
“The creation of Hartbeat and our capital raise with Abry represent a new era in comedy. This all started out with a mission to keep the world laughing together and I’m so proud our teams have delivered on that, putting in the hard work to build the most innovative and inclusive comedic storytelling company,” Hart said.
When the new deal gets solidified, Hart will step down as CEO and be replaced with Thai Randolph, who was previously the chief operating officer of both Laugh Out Loud and HartBeat Productions– the two companies that melded to form Hartbeat.
Hart knows that comedy will never be out of style, whether it be the need for more content when people are glued to their couches because of the pandemic or when the world begins to open up.
“There won’t ever be a time when people won’t want to laugh, won’t need to drop their shoulders and just have a good time,” Hart said.