The parent company of House of Cards producer MRC has acquired a £45m stake in independent production company Fulwell 73, whose credits include 2016 film I Am Bolt and TV/online work including James Corden’s Carpool Karaoke series.
Valence Media, which launched in February and also owns US company Dick Clark Productions and the Billboard-Hollywood Reporter Media Group, has made the cash and equity deal in exchange for a significant minority stake.
London and LA-based Fulwell 73 will continue to operate as an independent business, led by existing partners Ben Winston, Leo Pearlman, Gabe Turner, Ben Turner and James Corden.
Fulwell is also responsible for CBS’ Late Late Show With James Corden, where Carpool began as a segment, as well as BBC1’s Sounds Like Friday Night; Channel 4 event Stand Up To Cancer; YouTube series Jack Whitehall’s Training Days; and forthcoming Netflix doc series Sunderland Til I Die, following the football club’s 2017/18 season when they were relegated to the third tier of the English league.
Valence co-chief executives Asif Satchu and Modi Wiczyk said Fulwell is a leader across music, sports and comedy.
“Each of Fulwell 73’s partners uniquely combines artistry and entrepreneurship and together, they have built a remarkable organization that shares these capabilities,” they added.
Fulwell’s Pearlman said the deal is a “significant step” for the 10-year old firm.
“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,” he said.
Fulwell 73 was advised on the investment by Stella EOC’s Jonathan Norman and Daniel Fugmann and Wiggin’s Michael Brader and Jason Fisher.
This story originally appeared in Screen’s sister publication Broadcast.