HomeMovies and ShowsSK Global Sells Majority Stake to Private Equity Firm Centricus –

SK Global Sells Majority Stake to Private Equity Firm Centricus –

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SK Global Entertainment, the producer of movies like Crazy Rich Asians and Moneyball, has offered a majority stake to the personal fairness agency Centricus.

The leisure firm will use the “additional capital to accelerate [its] strategy through IP ownership and financing strategic acquisitions of complementary businesses.” In different phrases, it’ll look to develop new TV and movie franchises, and purchase different corporations within the leisure sector.

Earlier this 12 months SK Global acquired Critical Content, the producer of the TV exhibits Catfish and Get Organized with The Home Edit, amongst different initiatives.

Charlie Corwin can be CEO and oversee the corporate, together with company growth and operations, and John Penotti, who had been co-CEO alongside Corwin, will shift to a job as chief inventive officer specializing in the worldwide movie and TV slates of the corporate. Sidney Kimmel, Founder of SK Global, will proceed in his function as chairman and Matt Aragachi will proceed as CFO.

The SK Global acquisition comes as personal fairness continues to pour funding into the leisure area. Blackstone is pouring billions of {dollars} into Candle Media, which has acquired stakes in corporations like Hello Sunshine and Moonbug Entertainment, and Apollo and Providence Equity Partners are backing Peter Chernin’s North Road Co. And media corporations like LeBron James’ SpringHill and Religion of Sports have raised money from corporations like RedBird Capital and Shamrock Capital, respectively.

“With the rapid expansion of platforms and theatrical releases around the world, this is a unique time of great opportunity for independence at scale. We look forward to working with the Centricus team, who share our vision for a truly global independent studio,” stated Corwin in an announcement.

“This deal marks an important investment in the media sector for Centricus,” added Josh Purvis, accomplice and COO of Centricus. “With strong leadership and strategy, we are confident in the ability to deliver on the vision to tell cultural stories around the world. We intend to continue investing in that vision through the financing of both content and acquisitions in this fast-growing space.”





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