Under its new ownership, Revolution will continue to operate as a standalone business led by chief executive officer Vince Totino and chief operating officer Scott Hemming, who now also serves as president.
The Fortress companies bought Revolution in June, 2014, for an estimated $250 million from founder Joe Roth. Since then, the company acquired rights to 80 additional feature films, produced “xXx: Return of Xander Cage,” and secured deals to exploit the company’s library. The sale of Revolution was part of a plan to recapitalize the company— which had stopped film production in 2007 — and position it for growth.
Roth founded Revolution in 2000 as a strategic partnership with Starz Entertainment, Sony Pictures, and 20th Century Fox. The company was never able to deliver a blockbuster hit, and was better known for disappointments such as “Gigli” and “Hollywood Homicide.” Its notable releases included “Black Hawk Down,” “Maid in Manhattan,” “Anger Management,” and “Daddy Day Care.”
“Revolution Studios brings with it not only rights to a large catalogue of valuable and durable intellectual properties, but also a wealth of expertise in managing and adding value to film and television assets,” said Content Partners co-founders Steven H. Kram and Steven E. Blume. “We look forward to a long and profitable collaboration with Vince and Scott and the rest of the Revolution team as we continue to acquire best-in-class companies and entertainment assets.”
Totino said in a statement: “Content Partners, with its unique and successful investment strategy in entertainment properties, complements Revolution’s approach to exploiting film and television products across all media.”
Hemming said, “We have significantly expanded the Revolution library over the past two and a half years and validated that not only is there strong worldwide licensing demand for quality library content, there is significant value in derivative rights as well. We look forward to continuing this success with Content Partners.”
Revolution has acquired libraries from Morgan Creek International, Cold Spring Pictures and OK Films in recent years.
Since its founding in 2006, Content Partners has purchased interests in more than 350 films and over 1,500 hours of television.
Sidley Austin LLP, represented Fortress Investment Group LLC in its sale of Revolution Studios.