London-based investment film Centricus has acquired a majority stake in LA-based SK Global in a move that will enable the Crazy Rich Asians producers to step up IP ownership and strategic acquisitions.
Earlier this year SK Global acquired Critical Content, the production company focused on unscripted television series including MTV’s Catfish
Charlie Corwin will become CEO and oversee the company, including corporate expansion and operations, while John Penotti will become chief creative officer focusing on the global film and TV slates of SK Global. Sidney Kimmel, founder of SK Global, will continue in his role as chairman and Matt Aragachi will continue as CFO.
“With the rapid expansion of platforms and theatrical releases around the world, this is a unique time of great opportunity for independence at scale,” said Corwin. “We look forward to working with the Centricus team, who share our vision for a truly global independent studio.”
“Our strategy has been to invest in the rights to culturally relevant stories such as Kevin Kwan’s Sex and Vanity, Thai Cave Rescue, and Crazy Rich Asians, and then partner with the best talent to bring these stories to a global audience,” said Penotti. “This new ownership will drive our continued investment in franchise IP, A-list talent, and strategic acquisitions in the US and around the world.”
Corwin and Penotti added, “Thanks to Sidney Kimmel’s decades long vision, support, and trust, this is all possible. We are incredibly grateful to Sidney for his leadership and belief in our team, and we will continue to apply the important lessons we learned from him.”
Josh Purvis, partner and COO of Centricus, added: “This deal marks an important investment in the media sector for Centricus. With strong leadership and strategy, we are confident in the ability to deliver on the vision to tell cultural stories around the world. We intend to continue investing in that vision through the financing of both content and acquisitions in this fast-growing space.”
“With Centricus’ support, I know SK Global can develop global franchises and content that will have global resonance,” said Kimmel. “I could not be more proud of the company we’ve built, and I am confident SK Global will prosper under the stewardship of incredible leaders.”
SK Global’s film and TV slate for 2022 and beyond includes Netflix limited series Thai Cave Rescue on September 22; Season 2 of Delhi Crime on Netflix; sequels and spin-offs of Crazy Rich Asians; TV adaptations of 9 ½ Weeks and Hell Or High Water; and international spy series Nameless starring Henry Golding.
The London and Century City offices of Latham & Watkins LLP served as legal advisor to Centricus and Eisner LLP and ZiffrenBrittenham LLP represented SK Global and Kimmel, respectively.
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