Ryan Seacrest Gets $300 Million Investment
Bain Capital and Thomas H. Lee Partners make a large bet on the TV/radio personality and producer.
Ryan Seacrest, private equity darling?
The seemingly ubiquitous entertainer and producer has received a commitment for up to $300 million from Thomas H. Lee Partners and Bain Capital to develop new media projects.
Seacrest, who has produced “Keeping Up With the Kardashians” and hosted both “American Idol” and the “American Top 40” music countdown, is looking to expand his influence in the entertainment industry. He will use the money from the private-equity investors to buy and develop companies, as well as create other content through Ryan Seacrest Media, according to a press release.
Radio broadcaster Clear Channel will also acquire a minority stake in the celebrity’s production company, Ryan Seacrest Productions. “We aim to build Ryan Seacrest Media into a leading multimedia company with diversified assets and interests,” says Seacrest.
Seacrest’s company is already producing two reality series for CMT and Bravo, and is collaborating on a new cable channel with Mark Cuban’s HDNet, AEG and Creative Artists Agency, Businessweek reports.
“The entertainment industry is thriving with innovation more than ever before,” says Seacrest in the press release. “I’m excited to collaborate with Clear Channel, THL and Bain Capital to seize on investment opportunities that capitalize on unique content, new technologies and distribution platforms.” –Abby Tracy
Photo via Jmk7
