Kevin Hart is once again laughing all the way to the bank.
As reported by Deadline, his two entertainment businesses, Hartbeat Productions and Laugh Out Loud are merging to form one business entity, Hartbeat.
His camp also announced a $100 million investment by private equity firm Abry Partners, which will be culminated by Arby’s Nicolas Massard joining the Hartbeat board.
“The creation of Hartbeat and our capital raise with Abry represent a new era in comedy,” Hart said. “This all started out with a mission to keep the world laughing together and I’m so proud our teams have delivered on that, putting in the hard work to build the most innovative and inclusive comedic storytelling company.”
The capital raise was led by Thai Randolph, previously the president and COO of Laugh Out Loud and COO of Hartbeat Productions. She will now hold the role of CEO of the new entity. The senior leadership team is rounded out by Hartbeat Productions’ Bryan Smiley who will head content and LOL’s Jeff Clanagan, head of distribution. Hartbeat Productions co-founder Leland Wigington will also spearhead production under the new banner.
“In an industry that loves to say no and close doors, I’ve been bullish about forging our own path and using our success to open doors for others,” said Hart in a news release. “With this merger and funding, we’re taking the new blueprint we’ve built in entertainment to the next level and creating opportunities for a new generation of comedic talent. I can’t wait to bring the world more comedians, experiences, and stories with humor and heart.”