Clear Channel Owners Invest $300 Million In Ryan Seacrest Media
January 31, 2012
Ryan Seacrest Media (RSM) and Clear Channel, with Clear Channelís majority investors Thomas H. Lee Partners (THL) and Bain Capital have announced two new investment agreements with Seacrest's company, designed to drive business growth across multiple media platforms.
Funds sponsored by THL and Bain Capital have together committed up to $300 million to working with RSM to identify, acquire and develop innovative media companies, media content and other media properties that can be leveraged to support a range of media enterprises.
Under a separate agreement, Clear Channel will acquire a minority stake in Ryan Seacrest Productions (RSP), a privately held entertainment production company. RSP produces the hit reality series Keeping Up with the Kardashians, and the spin-offs Kourtney and Kim Take New York, Khloe and Lamar, and Kourtney and Khloe Take Miami. RSP also produced the Emmy Award-winning ABC reality series Jamie Oliver's Food Revolution. RSP is currently producing two new reality series including Melissa and Tye: A New Reality, for CMT and Shahs of Sunset, for Bravo.
RSP will remain creatively autonomous and continue as an independently operated entity, majority-owned by Ryan Seacrest, and managed by Seacrest as Executive Chairman, CEO Adam Sher and CFO Jeff Refold. RSP will continue to develop and produce content for network and studio partners, including NBC Universal. RSP will now also collaborate with Clear Channel on the production and distribution of both scripted and unscripted television programming as well as other media and entertainment content, leveraging the promotional reach of Clear Channel.
Clear Channel CEO Bob Pittman, THL Managing Director Richard Bressler, and Bain Managing Director Ian Loring will work with Seacrest and the RSP management team to maximize the strategic and operational value of the RSP relationship with Clear Channel. Bressler and Loring will work with Seacrest separately to maximize the RSM investment initiative.
"We aim to build Ryan Seacrest Media into a leading multi-media company with diversified assets and interests," said Seacrest. "The entertainment industry is thriving with innovation more than ever before. Iím excited to collaborate with Clear Channel, THL and Bain Capital to seize on investment opportunities that capitalize on unique content, new technologies and distribution platforms. Bob, Rich and Ian bring a wealth of experience, ideas, and resources and itís truly a privilege to get to work so closely with them as we embark on this new endeavor. I believe we all share a vision and a commitment to success."
"Ryan is an unmatched creative talent with success across more media platforms and involvement with a greater variety of programming and venues than anyone else in the industry," said Pittman. "His combination of business acumen and keen understanding of consumers and popular entertainment is an incredible asset. Weíre eager to collaborate with him in developing new and significant opportunities in the television arena in a way that can maximize our relationships with music and other talent, bring greater benefits to our advertisers, and further build Clear Channelís singular ability to deliver local, mobile and social execution across a truly national audience base."
"Ryan Seacrest is not only an enormous talent as an individual, but a leading business visionary who has his finger on the pulse of the evolving dynamics in the media industry. He and his business initiatives are quite literally driving the future of how media can create value in ways never dreamed of in prior decades, and we are pleased to be his partner, both through Clear Channel as well as through our separate, new and exciting media property investment initiative," said Bressler. "Putting the scope, scale, reach and resources of Clear Channel and the THL and Bain teams behind Ryan and his team underscores what he can achieve in this industry."
Of course, Seacrest is the host and executive producer of On Air With Ryan Seacrest, which is syndicated on over 150 stations in North America with affiliates worldwide. Seacrest is also host of American Top 40, a weekly countdown show syndicated by Clear Channel's Premiere Networks. Additionally, Seacrest creates and delivers content for distribution through Clear Channelís broadcast and digital radio platforms on both a local market and national basis, and serves as a spokesperson for Clear Channel. During the past year, Seacrest was involved in the development and execution of key projects for Clear Channel such as the iHeartRadio Music Festival in Las Vegas.