17 private equity players making big bets on Hollywood, even as economic uncertainty and strikes roil the entertainment business

• Media and entertainment deal-making has slowed, but private equity players are still betting big on the space.
• They expect activity to pick up in the second half of 2023, as investors deploy capital and sellers’ prices come down.
• Middle Eastern sources are still providing funding to media, which could fuel deals in the months ahead.

Media and entertainment deal-making has come down from its record levels of two years ago, but private equity players are still betting big on the space, wagering that the streamers’ appetite for top-level movies and shows — and people’s willingness to pay for live entertainment — aren’t going away anytime soon. 

Overall media and telecom deals declined 20% in 2023 through May versus the year-ago period, according to PwC — a period of high interest rates, regulatory scrutiny, and the Silicon Valley Bank collapse — after record deal volume and value two years ago. Media deal volume has actually increased, just not as fast; PwC recorded media deals rose 3% (to 326) in the six months through May, down from a 7% increase in the previous six months.   

PwC’s media and telecoms midyear outlook report also predicted M&A activity would remain low for the rest of the year, adding that “as media and telecommunications remains central to many sectors’ growth strategies, we remain optimistic that strategic deal opportunities will continue to arise within the sector throughout the remainder of 2023.” 

Still, leaders at several PE firms told Insider they’re sticking to their long-term strategies when it comes to investing in Hollywood — despite actors’ and writers’ strikes roiling the industry — and that they expect deal activity to pick up in the second half of the year. They reason that investors are behind schedule in deploying capital and sellers’ prices will come down; they also point to other positive economic signs like easing cost of debt and continued consumer appetite to spend on entertainment. 

RedBird Capital Partners, for example, has had a busy year, forming EverPass Media with the NFL to deliver NFL Sunday Ticket to commercial outlets; and launching Hidden Pigeon Company to make kids and family content.

Middle Eastern sources are still providing plenty of funding to media, which could fuel deals in the months ahead. Providence-backed North Road in January nabbed a $150 million investment from the Qatar Investment Authority, Qatar’s sovereign wealth fund, for example. 

Apollo-backed Yahoo just hired ESPN vet and VC Ryan Spoon, stirring speculation that Yahoo might accelerate its play for sports-related assets. And beyond private equity, legacy players could shed properties they consider non-core: Paramount is trying to offload BET while Warner Bros. Discovery is reportedly exploring a sale of its music assets. 

Insider’s list of top private equity players in media and entertainment highlights 17 firms, from heavy hitters to smaller upstarts, based on our reporting and conversations with investors and insiders. Firms are listed alphabetically and include a few key changes from our 2022 list — notably BlackRock and Harbourview Equity Partners, a middle market PE fund led by Morgan Stanley alum Sherrese Clarke Soares, which put $90 million into TV and film studio Macro this year.