Media company Valence Media has taken a minority stake in comedian James Corden’s London- and Los Angeles-based indie Fulwell 73.
The investment was finalized for approximately US$60 million (£45 million) in cash and Valence equity. Under the terms of the agreement, Fulwell 73 will continue to operate independently under its existing management structure, led by partners Ben Winston, Leo Pearlman, Gabe Turner, Ben Turner and Corden.
According to a release, “the investment is expected to drive value to both companies as they look to expand their content offerings.”
The indie is behind such shows as Carpool Karaoke and Drop the Mic, as well as the documentaries The Class of 92 and I Am Bolt, among others. Fulwell 73 also co-produces The Late Late Show with James Corden with CBS Television Studios.
Most recently, Fulwell 73 bolstered its UK unscripted team with the appointment of former Whizz Kid Entertianment exec Caroline Roseman and was commissioned by Netflix to produce the football-frenzy docuseries Sunderland Till I Die, which focuses on the professional English football club Sunderland AFC and its passionate fanbase. It debuts Dec. 14 on the SVOD platform.
Fulwell 73 was advised on the deal by Jonathan Norman and Daniel Fugmann from Stella EOC, BDO, and Michael Brader and Jason Fisher from Wiggin. Kirkland & Ellis LLP provided legal counsel to Valence Media.
Los Angeles-headquarteredValence Media was launched in February 2018 with the combination of MRC, dick clark productions, The Billboard-Hollywood Reporter Media Group, and a minority interest in A24 studio.