Three media veterans just raised $360 million to invest in sports, live experiences, and proven IP — trends that are 'permanent' even as streamers struggle for profits and consumers churn
The trio announced April 27 that they raised $360 million for their first private equity fund to invest in media, entertainment, and gaming companies.
So far they've poured $100 million of that into four companies: Fever, a platform that lists and sells tickets to live events; business information company; Spyglass Media Group, a production, finance, and distribution company that holds the rights to the"Scream" franchise and"Project Runway;" and Build A Rocket Boy, a video game developer focused on making big-budget, blockbuster games.
In the next two years, Alignment plans to invest in eight to 12 more companies with similar profiles: growth-stage firms that have a proven business model but still need capital and advisors to expand — and that the investors think could benefit from their experience. The three men need little introduction in media circles. Bewkes was chairman and CEO of Time Warner; he left as part of AT&T's 2016 acquisition of the company. Tsujihara spent 25 years at Warner Bros. Entertainment, rising to chairman and CEO before exiting in 2019 amid allegations that he had pressed for an actress with whom he had a sexual relationship to be considered for TV and film roles in Warners projects.
"Our strategy will be deliberate," Iosilevich said."Lean on the relationships that we have in the industry for 20-plus years and focus on the trends that we feel are more permanent in nature: the shift of consumption to experiences; the continuing importance of sports, which is one of very few things that you still have to watch live; and proven IP."
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