Entertainment

Gravitas Ventures Sold to Anthem Sports & Entertainment – The Hollywood Reporter

German media giant ProSiebensat 1 is selling independent film distributor Gravitas Ventures to Anthem Sports & Entertainment, a company that owns AXS TV, HDNet Movies, Impact Wrestling, Fight Network and Game TV.

Gravitas Ventures used to be part of ProSiebensat 1’s Red Arrow Studios. Founded by Nolan Gallagher in 2006, Gravitas was acquired by Red Arrow in 2017. The deal was valued at US$73 million including stock. additional common, and will be a combination of cash and stock.

Gravitas, based in Cleveland, Ohio, acquires, produces, and distributes indie genre films, including thrillers, comedies and documentaries like this year. Queen bee, starring Ellen Burstyn and James Caan, and the 2020 documentary, Mole agent, was nominated for an Academy Award in the category of best documentary.

While the company distributes its movies for theatrical release, in recent years the company has also embraced streaming and on-demand business models, selling its movies through on-demand platforms. such as Amazon Prime Video and Google Play, as well as streaming services like Netflix and Hulu.

The deal covers Gravitas’ portfolio of 3,000 titles, which Anthem said it hopes to tap into to enhance its streaming and linear services, and help it forge relationships with streaming platforms. other online. The company also intends to launch ad-supported free streaming platforms (called “FAST” platforms) built on top of Gravitas content.

CEO Gravitas Gallagher, chairman Michael Murphy, chief executive officer and general counsel Brendan Gallagher and chief financial officer Brian Kenyon will all stay at the company after the closure.

“Anthem perfectly complements the mindset and mission of Gravitas Ventures, presenting several key platforms where our films can thrive while opening up dynamic new areas and opportunities. will be critical in helping our company grow,” Gallagher said in a statement.

The Gravitas CEO adds: “They have enjoyed tremendous success with all of their acquisitions, taking a hands-on approach that shows a deep understanding of unique products. of them and what it takes to keep them on top in this highly competitive industry. We feel confident being part of a talented team of Anthem more fully equipped to lead our filmmakers on this journey, and we couldn’t be more excited to begin a new era. This is part of the legacy of Gravitas Ventures. ”

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