Thomas H. Lee Partners (THL) and Bain Capital, the majority investors in media giant Clear Channel, are investing US$300 million into Ryan Seacrest Media (RSM), as part of multifaceted deal which will see Clear Channel acquiring a minority stake in Ryan Seacrest Productions (RSP).
The deal sees funds sponsored by THL and Bain Capital committing to work with RSM to identify, acquire and develop innovative media companies, content and other media properties that will be used to support a range of new enterprises.
Despite Clear Channel’s ownership of the minority stake, RSP will remain “creatively autonomous and continue as an independently-operated entity,” majority-owned by Ryan Seacrest, and managed by the team of Seacrest as exec chairman; Adam Sher as CEO; and Jeff Refold as chief financial officer, the parties said in a statement.
RSP will continue to develop and produce content for networks and studios, including NBC Universal. The company’s shows include Keeping Up with the Kardashians, Khloe and Lamar, Jamie Oliver’s Food Revolution and Shahs of Sunset (pictured above).
Clear Channel CEO Bob Pittman, THL MD Richard Bressler and Bain MD Ian Loring will work with Seacrest and the RSP management team to maximize the RSP relationship with Clear Channel, while Bressler and Loring will work with Seacrest separately to maximize the RSM investment initiative.
“We aim to build Ryan Seacrest Media into a leading multimedia company with diversified assets and interests,” said Seacrest. “The entertainment industry is thriving with innovation more than ever before. 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.
“Bob, Rich and Ian bring a wealth of experience, ideas, and resources and it’s truly a privilege to get to work so closely with them as we embark on this new endeavor. I believe we all share a vision and a commitment to success.”
Creative Artists Agency (CAA); Craig Jacobson at Hansen, Jacobson, Teller, Hoberman, Newman, Warren & Richman LLP; and Greg Akselrud at Stubbs, Alderton and Markiles negotiated the deals on behalf of Seacrest and RSM.