The Raine Group has bought into Propagate Content, the production and distribution firm run by Ben Silverman and Howard T. Owens. The technology-, media- and telecoms-focused bank has taken an unspecified “significant” stake in the business, and becomes a major Propagate backer alongside A+E Networks.
Propagate said it would use the investment to launch new ventures and make targeted acquisitions.
Former Nat Geo chief Owens founded Propagate and was subsequently joined by former Reveille colleague Silverman at the L.A.-based business. It makes shows including Apple’s first original, “Planet of the Apps,” and has a straight-to-series order for “Blood & Treasure” at CBS.
“Over the past few years we have seen massive shifts in the media industry that have changed the way production companies have traditionally done business,” Silverman and Owens said in a joint statement.
They added: “The world of media and technology continues to evolve rapidly, and we want to have the capital and partners in place to help us grow even faster, allowing us to continue to deliver premium content to audiences around the world.”
The Raine Group has invested in Vice Media, Imagine Entertainment, and Matt Stone and Trey Parker’s Important Studios.
“We see the future of storytelling as global, and Howard and Ben have a great record of approaching the world that way, building and distributing multinational formats with great success,” said Raine co-founder Joe Ravitch. He joins the Propagate board alongside Raine’s entertainment practice head, Erik Hodge.