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EXCLUSIVE: The non-fiction space is heating up in terms of M&A as Boardwalk Pictures, the company behind long-running Netflix series such as Chef\u2019s Table and Last Chance U, has struck a deal to sell a minority stake.<\/p>\n
The company, founded by Andrew Fried, has sold a stake to investment firm Shamrock Capital. No one is commenting, but we understand that the deal is in the nine-figure range.<\/p>\n
The move is the latest big-ticket deal in the booming non-fiction space and follows deals such as Sony Pictures Television\u2019s $350M acquisition of Industrial Media, Peter Chernin\u2019s North Road Company\u2019s $200M purchase of Red Arrow Studios, Fremantle\u2019s acquisitive streak including companies such as 72 Films, and ITV Studio\u2019s $126M deal for Plimsoll Productions.<\/p>\n
Fried, who directed We Are Freestyle Love Supreme, founded the company in 2010 and also makes series such as FX\u2019s Welcome To Wrexham, HBO Max\u2019s The Big Brunch, Showtime\u2019s We Need To Talk About Cosby, Netflix\u2019s Cheer and Pepsi, Where\u2019s My Jet? and Amazon\u2019s Val.<\/p>\n
He told Deadline that the investment will allow the company to branch out into more genres within the non-scripted space and make some big-ticket hires.<\/p>\n
Given that much of its output has been for Netflix and other streamers, Fried would like to move into more traditional alternative formats, gameshows and comedy specials.<\/p>\n
\u201cWe haven\u2019t made Boardwalk shows for so many other types of partners. We\u2019ve not really made Boardwalk shows with any cable networks. We\u2019ve not we\u2019ve not had partnerships with broadcast networks. So we start to ask ourselves, what does a Boardwalk live event look like? What does a Boardwalk show for an NBC or CBS or an ABC look like?,\u201d he told Deadline.<\/p>\n
He said that the non-fiction business has moved closer to the mainstream Hollywood entertainment world. \u201cCovid probably was a catalyst. I think a lot of people were at home discovering new things and watching them together in different ways,\u201d he added.<\/p>\n
Shamrock Capital, which was founded by Walt Disney\u2019s nephew Roy E. Disney, recently raised $600M to acquire content and media rights. It owns stakes in Fanduel and kids entertainment business Silvergate, bought the master rights to Taylor Swift\u2019s first six studio albums and recently did a deal with Universal Music Group to acquire numerous assets from Dr. Dre in a $200M pact.<\/p>\n
\u201cWe believe that authentic storytelling will always have an engaged audience,\u201d said Mike LaSalle, Partner at Shamrock Capital. \u201cAndrew and the Boardwalk team are pioneers in crafting honest, real, and raw narratives in unique and compelling ways. They have raised the standard for high quality nonfiction content, delving into a wide range of subject matters that resonate with audiences around the world. We are excited to partner with this talented team as they continue to bring their skills and sensibilities to new genres, formats, and mediums.\u201d<\/p>\n
Fried joked that the deal closed on the same day that Mad Men\u2019s fictional Sterling Cooper Draper Price was formed. Boardwalk Pictures was represented in the deal by LionTree and Venable LLP. Shamrock Capital was represented by ACF and Willkie Farr & Gallagher LLP.<\/p>\n
View this article at Deadline<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":" \u2018Chef\u2019s Table\u2019 Producer Boardwalk Pictures Sells Minority Stake To Shamrock Capital: EXCLUSIVE: The non-fiction space is heating up in terms of M&A as Boardwalk Pictures, the company behind long-running Netflix series such as Chef\u2019s Table and Last Chance U, has struck a deal to sell a minority stake. The company, founded by Andrew Fried, has
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