×
You will be redirected back to your article in seconds

AMC Networks Leads Adaptive Studios $16.5 Million Funding Round

Adaptive Studios, an upstart studio that has focused on short-form content for digital platforms, has closed a $16.5 million Series B round of funding, led by AMC Networks with participation from Atwater Capital.

The funding brings Adaptive Studios to $24.9 million raised to date. The Culver City, Calif.-based company was founded in 2012 by producers Perrin Chiles, TJ Barrack and Marc Joubert (pictured above). Adaptive Studios is best known as the production company behind HBO’s 2015 reboot of reality show “Project Greenlight” from Matt Damon and Ben Affleck.

With the funding from AMC and Atwater Capital, Adaptive Studios plans to to diversify its slate aimed at traditional distributors as well as expanding its development of content for streaming and emerging platforms.

“Having AMC and Atwater in the mix both strategically and financially is a huge win for what we’re trying to do,” said Adaptive Studios CEO Perrin Chiles. He declined to comment on the company’s valuation but said the Series B was an up round. Chiles added that AMC’s investment doesn’t give the cable programmer any first-look or exclusive rights to Adaptive projects.

For AMC, Adaptive Studios represents an opportunity to expand further into short-form storytelling formats, said COO Ed Carroll. “With Adaptive, we view their approach as opportunistic and aggressive,” he said. Last year, he noted, AMC took a minority stake in Funny Or Die.

Adaptive Studios has partnered with Shudder, AMC’s horror video-subscription service, to launch the Real Fear Horror contest. The program granted 10 finalists a five-day workshop working with director Clive Barker to produce their projects, which will be featured on Shudder.

AMC Networks also operates the SundanceNow over-the-top service and AMC Premiere, a commercial-free subscription service offered as an option to pay-TV subscribers. “As we expand our content onto different platforms, we do entertain the idea of complementing that with innovative storytelling, both short and long form,” Carroll said.

Atwater Capital’s funding in Adaptive was led by managing partner Vania Schlogel, who was formerly chief investment officer for Jay Z’s Tidal.

Currently, Adaptive Studios has 28 full-time employees. With the new funding, the company plans to selectively expand its creative and production ranks, Chiles said.

Adaptive Studios expects to become profitable in 2018, after investing heavily in content over the last 18 months, according to Chiles. It now has a slate of over 70 short-form projects in development or production with several additional longer-form series.

Adaptive Studios completed its Series A funding in December 2013. Previous investors includes Tom Barrack, executive chairman of Colony Northstar; Joe Steinberg, co-founder of Leucadia National; Roger McNamee, founding partner of Elevation Partners; and Todd Wagner, co-owner of 2929 Entertainment, Magnolia Pictures, and Landmark Theaters.

Adaptive’s partners have included AMC, HBO, Netflix, Verizon, Miramax, FX Networks, YouTube Red, Fox Animation, 21 Laps, Lionsgate, and Blackpills.

Pictured above (l. to r.): Adaptive Studios founders Marc Joubert, Perrin Chiles, TJ Barrack

More Digital

  • Google Stadia is a Net Neutrality

    Google Stadia is a Net Neutrality Nightmare

    At the Game Developers Conference (GDC) this year, Google announced that it has taken up the long and ever-lengthening dream of the video game streaming service. Meant to replace the hefty, pricey, altogether confounding experience of buying and using various gaming hardware, Google Stadia will run video games on Google’s own hardware in a server [...]

  • crunchyroll logo

    Crunchyroll Raises Subscription Price to $7.99

    AT&T-owned anime subscription video service Crunchyroll is raising its monthly subscription price from $6.95 to $7.99 a month, it announced in an email to members Friday. It’s the service’s first price increase ever, according to a spokesperson. The new pricing will go into effect on May 1 for new subscribers, while existing members will see [...]

  • StyleHaul

    StyleHaul Shuts Down U.S. Operations, Lays Off About 65 Employees

    The axe is falling on StyleHaul: The fashion, beauty and lifestyle digital media and marketing company owned by RTL Group is shuttering U.S. operations, resulting the layoff of around 65 employees. StyleHaul offices in L.A., with about 55 employees, and in New York City, with around 10 staffers, are closing. RTL said StyleHaul’s U.K. operations, [...]

  • Bandsintown Platform Acquires Hypebot, MusicThinkTank

    Bandsintown Platform Acquires Hypebot, MusicThinkTank

    Bandsintown, a leading platform for letting music fans know about upcoming concerts by their favorite artists, has acquired Hypebot, a news site publishing stories about the music industry and technology, and its sister site MusicThinkTank. “I’m proud to share that Hypebot and MusicThinkTank have been acquired by Bandsintown,” wrote Bruce Houghton, the founder of the [...]

  • Vertigo Games Believes ‘Location-Based Virtual Reality’

    Vertigo Games Believes ‘Location-Based Virtual Reality’ Is Future of VR

    As virtual reality becomes more and more available, many developers are looking for new frontiers to expand the experiences offered by the tech. For Netherlands-based Vertigo Games, that next frontier is what they call “location-based virtual reality.” It’s essentially high-quality VR experiences where players aren’t tethered to a PC or even to the confines of [...]

  • GDC 2019: Google's Play For Gaming

    GDC 2019: Google's Play for Gaming Ubiquity, Rise of Ray Tracing, Store Wars

    The Game Developers Conference finished up Friday evening, wrapping one of the most exciting GDCs in recent memory with Google’s splashy entrance into AAA video gaming, the emergence of real-time ray tracing as a compelling technology for film, TV, and games, and the growing war between two global estore powerhouses: Valve’s Steam and the Epic [...]

More From Our Brands

Access exclusive content