Deal unites companies responsible for the first big hits garnering the first primetime Emmys for both Apple (“Carpool Karaoke”) and Netflix (“House of Cards”)
LONDON/LOS ANGELES – September 17, 2018 – Valence Media has finalized an approximately £45 million ($60m) investment comprised of cash and Valence equity for a significant minority stake in Fulwell 73, the prolific British independent production company run by partners Ben Winston, Leo Pearlman, Gabe Turner, Ben Turner and James Corden.
Under the terms of the deal Fulwell 73, based in London and Los Angeles, will continue to operate as an independent entity under its existing management structure, led by the five partners.
“Fulwell 73 is a leader in incorporating music, comedy and sports in innovative ways across its global TV, documentary, digital and film content. Each of Fulwell 73’s partners uniquely combines artistry and entrepreneurship and together they have built a remarkable organization that shares these capabilities” says Valence Co-CEOs Asif Satchu and Modi Wiczyk. “Valence is an organization dedicated to supporting and growing leaders and artists and we are excited to join, contribute to and benefit from this new partnership.”
Leo Pearlman, partner at Fulwell 73 said: “We have been on the most amazing journey for the last 10 years and the time is absolutely right for us to take this next significant step. As a company we have never stood still and in Valence we now have a partner that can support the ambitions we have for growth, match our entrepreneurial spirit and share our demand for the highest creative standards, whilst allowing us to retain the independence that has been so integral to our success. We are very proud to work with some of the biggest names in the world across music, sport and comedy and this deal will give us an even bigger opportunity to showcase that immense talent across the wide range of medium, genre and platforms that we have become known for.”
Fulwell 73 produces beloved content, including the wildly popular shows Carpool Karaoke and Drop the Mic as well as the documentaries Class of 92, I Am Bolt, One Direction 3D: This Is Us, among others. The Company also co-produces The Late Late Show with James Corden.
Given Fulwell 73’s established footprint in both documentaries and digital and Valence’s expertise in scripted TV and film, live events and digital media, the investment is expected to drive value to both companies as they look to expand their content offerings. Both companies have a significant focus on music-driven content, providing additional opportunities for collaboration. In addition, this deal unites the companies responsible for the first big hits garnering the first primetime Emmys for both Apple (“Carpool Karaoke”) and Netflix (“House of Cards”).
Fulwell 73 was advised on this investment by Jonathan Norman and Daniel Fugmann from Stella EOC, BDO and Michael Brader and Jason Fisher from Wiggin (Financial and Legal advisors, respectively). Kirkland & Ellis LLP provided legal counsel to Valence Media.