Valence Media (“House of Cards”) has acquired a minority stake in Fulwell 73, the high-profile British production company which just won Apple and Snapchat their first Primetime Emmys for “Carpool Karaoke” and “James Corden’s Next James Corden,” respectively. The investment deal, which comprises cash and equity, is worth approximately £45 million ($60 million).
Under the pact, Fulwell 73 will continue to operate as an independent company under its existing management structure, led by the five partners: Ben Winston, Leo Pearlman, Gabe Turner, Ben Turner and Corden. The banner has offices in London and Los Angeles.
“Fulwell 73 is a leader in incorporating music, comedy and sports in innovative ways across its global TV, documentary, digital and film content,” said Valence Co-CEOs Asif Satchu and Modi Wiczyk, adding that “each of Fulwell 73’s partners uniquely combines artistry and entrepreneurship” and is dedicated to “supporting and growing leaders and artists.”
Pearlman said the timing was right for Fulwell 73 to join forces with Valence. “As a company we have never stood still and in Valence we now have a partner that can support the ambitions we have for growth, match our entrepreneurial spirit and share our demand for the highest creative standards, whilst allowing us to retain the independence that has been so integral to our success,” said Pearlman.
He said the deal would give Fulwell “an even bigger opportunity to showcase that immense talent across the wide range of medium, genre and platforms that we have become known for.”
Fulwell 73’s best-known shows are “Carpool Karaoke” and “Drop the Mic.” The banner’s credits also include the documentaries “Class of 92,” “I Am Bolt” and “One Direction 3D: This Is Us,” among others. Fulwell 73 is also a co-producer on “The Late Late Show with James Corden.”
Fulwell 73 was advised on the deal with Valence by Stella EOC, BDO and Wiggin, while Valence Media was advised by Kirkland & Ellis LLP.