Kevin Hart Lands $100 Million Business Deal

Kevin Hart's company is getting a major upgrade. Following a $100 million investment from Arby Partners, his production company HeartBeat Productions and his Laugh Out Loud network have merged. In a statement, the funnyman explained the reason for the merger. "There's too many different entities, there's too many different platforms, there's too many different places for the world of content to die down," Hart said. "If anything, it's now amplified." With Abry's investment and a 15 percent stake in Hartbeat, the new company, the company has now valued the company at more than $650 million, per The New York Times. Hart added in his statement: "There won't ever be a time when people won't want to laugh, won't need to drop their shoulders and just have a good time."

The deal makes Hart the latest entertainment figure to tap the private equity money. His new company is focused on comedy, and cultural content created. Celebrities including Reese Witherspoon, LeBron James, and Will Smith have all sold stakes in their media companies as well. Laugh Out Loud, a digital comedy firm, began in 2016 as a subscription streaming service. Hartbeat Productions, his former production company, was established in 2009. 

The Fatherhood star is stepping aside as the company's chief executive but will remain chairman of its board. Thai Randolph is taking over in Hart's previous position. Randolph was formerly the chief operating officer of both Laugh Out Loud and Hartbeat Productions. Jeff Clanagan will be the company's chief distribution officer, and Bryan Smiley, the president of film and TV at Hartbeat Productions, will be Hartbeat's chief content officer.

Hart has deals across several streaming platforms. Some of the projects coming down the pipeline from Hartbeat include Netflix, Roku, and HBO Max. He also has an exclusive deal with Peacock, the streaming service for NBCUniversal in a first-look deal for television series.