Valence Media’s Minority Interest in Fulwell 73

Fulwell 73 was advised on this investment by Jonathan Norman and Daniel Fugmann from Stella EOC, BDO and Michael Brader and Jason Fisher from Wiggin (Financial and Legal advisors, respectively). Kirkland & Ellis LLP provided legal counsel to Valence Media.

Valence Media has finalized an approximately £45 million ($60m) investment comprised of cash and Valence equity for a significant minority stake in Fulwell 73, the prolific British independent production company run by partners Ben Winston, Leo Pearlman, Gabe Turner, Ben Turner and James Corden.

Under the terms of the deal Fulwell 73, based in London and Los Angeles, will continue to operate as an independent entity under its existing management structure, led by the five partners.

Fulwell 73 produces beloved content, including the wildly popular shows Carpool Karaoke and Drop the Mic as well as the documentaries Class of 92, I Am Bolt, One Direction 3D: This Is Us, among others. The Company also co-produces The Late Late Show with James Corden.

Given Fulwell 73’s established footprint in both documentaries and digital and Valence’s expertise in scripted TV and film, live events and digital media, the investment is expected to drive value to both companies as they look to expand their content offerings. Both companies have a significant focus on music-driven content, providing additional opportunities for collaboration. In addition, this deal unites the companies responsible for the first big hits garnering the first primetime Emmys for both Apple (“Carpool Karaoke”) and Netflix (“House of Cards”).

Kirkland advised Valence Media with a team including M&A partners Damon Fisher (Picture) and Gavin Gordon, tax partners Sara Zablotney and Dulcie Daly, technology and intellectual property partners Seth Traxler and Emma Flett, executive compensation partner Michael Krasnovsky, employee benefits partner Matthew Antinossi, labor and employment partner Richard Kidd, and associates Matthew Colman, Bernadette Coppola, Jake Ebers, Jean Lee, John Patten, Evangelia Podaras, Amelia Rolfe, Sharon Skipper, Megan Sweeney, Caleb Vesey and Tristan Evans-Wilent.

Wiggin advised Fulwell 73 with Michael Brader and Jason Fisher.

Involved fees earner: Michael Brader – Wiggin LLP; Jason Fisher – Wiggin LLP; Damon Fisher – Kirkland & Ellis; Gavin Gordon – Kirkland & Ellis; Jean Lee – Kirkland & Ellis; Amelia Rolfe – Kirkland & Ellis; Sharon Skipper – Kirkland & Ellis; Megan Sweeney – Kirkland & Ellis; Caleb Vesey – Kirkland & Ellis; Sara Zablotney – Kirkland & Ellis; Dulcie Daly – Kirkland & Ellis; Tristan Evans-Wilent – Kirkland & Ellis; Seth Traxler – Kirkland & Ellis; Emma Flett – Kirkland & Ellis; Matthew Colman – Kirkland & Ellis; Bernadette Coppola – Kirkland & Ellis; John Patten – Kirkland & Ellis; Michael Krasnovsky – Kirkland & Ellis; Matthew Antinossi – Kirkland & Ellis; Richard Kidd – Kirkland & Ellis; Jake Ebers – Kirkland & Ellis; Evangelia Podaras – Kirkland & Ellis;

Law Firms: Wiggin LLP; Kirkland & Ellis;

Clients: Valence Media; Fulwell 73 Ltd;

Author: Ambrogio Visconti