‘Top Gun: Maverick’ producer Skydance worth $4 billion after private equity investment
Maverick Pictures, which creates and produces movies, TV projects and unscripted original content for ABC, CBS, Fox, ESPN and Netflix, has formed a new ownership group with private equity firm CVC Capital and made an unexpected $4 billion investment in the studio after buying out a majority stake in its parent company, Maverick Studios.
The investment is the studio’s biggest deal in years and it comes as the industry juggles a changing media landscape, with the rise of internet content and the emergence of so-called streaming services such as Netflix.
The company made an undisclosed pre-money valuation of the deal, according to a person briefed on the deal who spoke on condition of anonymity. It’s unclear exactly how the company will divide the new $4 billion investment.
Skydance and private equity investors CVC and U.S.-based Apollo Global Management are partnering to take over the studio’s majority stake in Maverick from WME/IMG, which bought a controlling interest from Skydance for $735 million in 2011.
Under the terms of the deal, CVC will own 47% of Maverick, with Skydance and Apollo each controlling 25%. Maverick is not required to sell any assets for the deal.
Skydance, which was acquired by Hollywood studio Disney in 2011, will hold a 7.5% stake in Maverick, while Apollo can take a 10% stake. The two companies did not disclose how the investment will be split between the three.
Maverick, which was once the top independent film studio in the world, boasts a number of award-winning movies, including a Best Picture Oscar for “The Hurt Locker” and a number of Golden Globe and BAFTA nominations. The studio also has produced TV shows, including “Friday Night Lights,” “Will & Grace,” “Parenthood” and “Saving Grace.”
The deal is a sign of things to come with Hollywood, which is looking to more online media and the threat of streaming services.
“Skydance is a studio founded on innovation in distribution. Maverick is an iconic film studio founded on innovation in production,” said Skydance co-founder and CEO, Peter Bart.