You will be redirected back to your article in seconds

Edgar Bronfman Jr. Forms Media Venture-Capital Firm With Luminari’s Daniel Leff

Edgar Bronfman Jr., former chairman and CEO of Warner Music Group, has co-founded a venture-capital company focused on media and entertainment along with VC investor Daniel Leff of Luminari Capital.

Waverley Capital (waverleycapital.com) will focus on investing in “innovative and disruptive companies” in the media and entertainment sectors. The firm is not currently raising capital, but Bronfman and Leff are targeting $100 million in capital commitments for the first fund.

Bronfman, as co-founder, chairman, and general partner of Waverley Capital, intends to spend a substantial portion of his time on the firm’s activities. Before he exited Warner Music in 2012 after selling the company, Bronfman was CEO of Seagram before he sold that business to Vivendi. Leff is co-founder and managing partner, and will run the firm’s day-to-day operations.

“Waverley is a continuation of what we’ve been doing with Luminari,” said Leff, who added that the VC firm will be hiring investment professionals and staff. The company has offices in New York and Palo Alto, Calif., with plans to open an L.A. office as well.

Luminari Capital was founded in 2013 and began making investments in April 2014. Bronfman has been one of the firm’s biggest single investors and has served as a senior adviser and special limited partner. Other investors include individual industry execs along with strategic investor Sky, which is 39% owned by 21st Century Fox.

Luminari has invested in several companies in the media sector, including Roku — which went public last month — over-the-top subscription-television provider FuboTV, The Athletic, and Pluto TV.  The fund has had three exits to date: Roku’s IPO; Cisco Systems’ 2015 acquisition of 1Mainstream; and Amazon’s acquisition of Elemental Technologies in 2015.

Waverley intends to focus on investing in early-stage companies (as has been Luminari Capital’s approach) with “ample capital reserved for follow-on investments in those companies,” Leff said.

About Waverley’s investment philosophy, Leff said, “There is a great unbundling going on in each sub-sector within the media industry as consumers demand content in new and different forms that map best to their evolving consumption behavior… There has never been a greater degree of competition for consumers’ time and attention, and a handful of colossal technology platforms are garnering increasing influence.”

More Digital

  • Etika-Desmond-Amofah

    Gaming YouTuber Desmond 'Etika' Amofah Found Dead, NYPD Says

    Desmond Amofah, a YouTube gaming vlogger known online as “Etika,” was found dead by New York police on Tuesday after he was reported missing last week. He was 29. Amofah posted YouTube videos and live-streams focused on Nintendo games and other titles. A body later confirmed to be Amofah’s was found in the East River on [...]

  • Paula Pell

    Quibi Orders Comedic Murder Mystery From Lorne Michaels, 'SNL' Alums

    Quibi keeps shelling out cash for content: Jeffrey Katzenberg’s richly funded startup has ordered a short-form murder-mystery comedy written by and starring former “Saturday Night Live” writers Paula Pell and John Lutz, and executive produced by Lorne Michaels’ Broadway Video alongside Seth Meyers and Mike Shoemaker. In “Mapleworth Murders,” Pell (pictured above) is Abigail Mapleworth, [...]

  • View of the Public Library on

    New York City Public Libraries Drop Kanopy Free Movie-Streaming Service

    Kanopy suffered a blow with the decision by New York City’s three public library systems — collectively the biggest library system in the U.S., with some 210 branches across the Big Apple — to drop the free movie-streaming service, citing high costs. As of July 1, the New York Public Library and the Brooklyn and [...]

  • Cameo

    Celebrity Video Greetings Service Cameo Raises $50 Million

    Cameo, a service that works with celebrities to sell personalized video greetings to fans, has raised a $50 million Series B round of funding led by Kleiner Perkins. The Chernin Group, Spark Ventures, Bain Capital and Lightspeeed Venture Partners participated in the funding as well. Cameo wants to use the cash infusion to grow both [...]

  • Gena Konstantinakos - Topic

    Topic Hires Viceland's Gena Konstantinakos as VP, Development and Video Programming

    Topic, First Look Media’s entertainment studio and digital destination for original content, hired veteran producer Gena Konstantinakos as VP, development and video programming. Konstantinakos hails from Vice Media’s Viceland cable channel, where she was executive producer, development and current series. At Topic, she reports to Ryan Chanatry, general manager of Topic. Konstantinakos is tasked with [...]

  • Martin Kon - YouTube

    YouTube Hires Consultant Martin Kon as VP of Strategy

    Google’s YouTube tapped Martin Kon, who has worked as a tech, media, and telecoms consultant for more than two decades, as VP of strategy. Kon, based at YouTube’s headquarters in San Bruno, Calif., reports to chief business officer Robert Kyncl. Kon will work with YouTube senior execs to help formulate the long-term vision of the [...]

More From Our Brands

Access exclusive content