Fortress Announces Sale of Revolution Studios
Company Release - 1/5/2017 9:02 AM EST
Entertainment Property Leader with Iconic Film Library Sold Two and Half Years after Acquisition
NEW YORK--(BUSINESS WIRE)-- Fortress Investment Group LLC (NYSE:FIG) (together with its affiliates and the investment funds and accounts managed thereby, “Fortress”) today announced the sale of Revolution Studios (“Revolution”), owner of one of the largest libraries of premium entertainment content worldwide, to Content Partners.
Fortress acquired Revolution from Joe Roth and other original partners in June 2014. Fortress recapitalized the company, and worked closely with Revolution’s leadership team in executing an ambitious plan for business growth and diversification, focused on aggregating additional content and effectively exploiting intellectual property.
At the time of its acquisition by Fortress, Revolution controlled a library of 46 titles, including xXx, Anger Management and Academy Award® winning Black Hawk Down. Over the past two and half years, Revolution has made several library acquisitions, including Morgan Creek International, Cold Spring Pictures, GK Films and titles from Cross Creek Pictures, significantly increasing the size of Revolution’s library to 126 films, which collectively earned more than $7.1 billion in box office receipts, as well as 240 television episodes. Additionally, several deals to exploit Revolution’s valuable intellectual property have been secured, including most notably the scheduled release by Paramount Pictures on January 20, 2017 of xXx: Return of Xander Cage, produced by Revolution.
Funds within the Fortress Credit business have made significant investments in both debt and equity into the film and entertainment industry, generally focused on ultimates, library assets and intellectual property that can generate recurring and predictable cash flows. Fortress has executed deals with a broad range of structures, including first lien term loans, last out term loans, and preferred and common equity.
Fortress Investment Group LLC is a leading, highly diversified global investment firm with $70.1 billion in assets under management as of September 30, 2016. Founded in 1998, Fortress manages assets on behalf of over 1,750 institutional clients and private investors worldwide across a range of private equity, credit, real estate and traditional asset management strategies. Fortress is publicly traded on the New York Stock Exchange (NYSE: FIG). For additional information, please visit www.fortress.com.
Fortress Investment Group LLC
Gordon E. Runté, 212-798-6082
Source: Fortress Investment Group LLC