May 30, 2024
Investments

Range Media Gets Investment from Billionaire Bonderman, Liberty Global


Talent representation and content production firm Range Media Partners has announced that it has received a minority investment from a group of investors including private equity billionaire and Seattle Kraken owner David Bonderman, the John Malone-led Liberty Global, and Rick Hess, best known for founding Evolution Media.

Range was founded in 2020 by Hollywood agents from CAA, UTA and WME to represent talent across film, TV and music, in what Variety termed “the biggest startup in Hollywood’s talent representation sector in years.” In the back half of 2022, Range Sports was formed and it now has more than 75 clients including 35 NFL players, track star Gabby Thomas and organizations including the NBA’s New Orleans Pelicans. Range also has production capabilities, striking a deal recently to produce up to 10 shows for Elon Musk’s X, beginning with client Jim Rome.

Also investing in the current round: Playground Productions, a producer of television and Broadway shows, and Forest Road Asset Management, which led the round and has a specialty in film and television production banking and venture investing. The size of the funding round isn’t publicly disclosed, but the latest infusion values the business at nearly $400 million, according to a person familiar with transaction who asked not to be identified because the matter is private. The investment by Bonderman is by his Wildcat family office. Investor Hess in recent years formed a SPAC with Shaquille O’Neal and a second blank check firm with Kevin Mayer, who led ESPN.com for a time.

Two years ago, Range received a sizable investment from A+E Networks, which valued the business at $225 million at the time. The original backer of the business is hedge fund billionaire and Mets owner Steve Cohen, through his Point72 Asset Management.

Range’s philosophy is that talent is the core around which to build scripted and unscripted content as well as other businesses and experiences, according to a Tuesday press release. Range Sports’ growth strategy includes acquiring growth-stage companies within the media rights, athlete marketing, football, golf, Olympics and women’s sports verticals, according to the release. Range Media also seeks to expand its production capabilities and build a recently formed music publishing division.

Capital raised this round will “spur growth initiatives and strategic acquisitions,” while bolstering its U.S. market position and allowing it to grow internationally, according to the Range announcement.



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