Bain Capital and THL Partners, the private equity firms, have agreed to invest up to $300m in media deals alongside Ryan Seacrest, the US television personality, after taking a minority stake in his production company.
Mr Seacrest is the host of American Idol and two syndicated radio shows but has also built a reputation as a TV producer. He is responsible for turning the Kardashian family into media stars through programmes such as Keeping up with the Kardashians.
Under the deal, THL and Bain will be on the look-out for potential deals and will invest up to $300m alongside Ryan Seacrest Media, Mr Seacrest’s holding company.
Clear Channel, the heavily indebted radio and billboard group owned by Bain and THL, will separately take a minority stake in Ryan Seacrest Productions, the star’s production company, which makes the Kardashian programmes, as well as Jamie Oliver’s Food Revolution. The price was not disclosed.
Bob Pittman, the chief executive of Clear Channel, said the company wanted to collaborate with RSP to develop “new and significant opportunities in the television arena”.
Mr Seacrest said he wanted to turn RSM “into a leading multimedia company with diversified assets and interests”. RSM recently invested alongside Mark Cuban, the US owner of the Dallas Mavericks, in AXS TV, a rebranded TV channel available in 35m US homes.
Anschutz Entertainment Group, the owner of arenas such as the O2 in London and the Staples Center in Los Angeles, has also invested in the channel.
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