New York-based FilmRise has been acquired by U.S. private equity firm Oaktree Capital Management, which has merged it with existing portfolio company Shout! Studios.
The combined company, Radial Entertainment, is a global content distribution platform boasting a diverse library of 70,000 movies and episodes.
Garson Foos, CEO and co-founder of Shout! Studios, will become CEO of Radial Entertainment and Danny Fisher, CEO and co-founder of FilmRise, will become executive chairman.
Jared Frandle, managing director for Oaktree’s Special Situations strategy, commented, “Oaktree is excited to bring together two incredible Film & TV content distribution companies in FilmRise and Shout!. We believe combining these companies under the Radial umbrella creates a world-class Film & TV media business. It’s an extraordinary combination that we believe brings the unique scale needed to compete and win in the rapidly evolving landscape of digital entertainment and streaming media.”
Garson Foos, CEO of Radial, said, “We have long admired the FilmRise business and its executives, and have held a steadfast belief that a strategic transaction between FilmRise and Shout! would create an entertainment business of exciting scale. This is a highly additive merger between two very complementary organizations, and we have strong conviction in the incremental value that Radial will bring to our partners and dedicated consumer fan base. We will ensure that the spirit and soul of Shout! will flourish in this new organization and are thrilled to collaborate with the FilmRise team in taking the combined business to the next level.”
Danny Fisher, executive chairman of Radial, stated, “I believe that by bringing together FilmRise, a leader in ad-supported digital distribution, with Shout! Studios, renowned for their enduring legacy and successful adaptability in an ever-evolving industry, Radial is destined to become a media powerhouse. With an incredible leadership team and steadfast support from Oaktree Capital Management, we have exciting new opportunities to leverage our extensive content libraries and combined operational resources to drive future growth.”
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