Media Rights Capital Raises $175 Million to Co-Finance Movies
The equity investment in the company behind projects like "House of Cards" and "Ted" is led by ABRY Partners.
Media Rights Capital has raised $175 million to co-finance movies, an MRC source said Wednesday.
The lead investor on the deal was private-equity concern ABRY Partners. Also participating were AT&T, WPP Group and Goldman Sachs, three entities that invested $350 million in MRC 17 months ago.
The effort amounts to a new business for MRC, which typically looks for studios to invest in its home-grown projects. The new wrinkle, though, has MRC basically doing the opposite: looking to invest in projects at major studios.
MRC is behind House of Cards, which Netflix says is its most-streamed show, as well as the features Ted, The Adjustment Bureau, Bruno and 30 Minutes or Less.
While insiders at the independent TV and film studio say it will use the new $175 million equity investment to co-finance movies, they acknowledge that MRC has no particular project lined up just yet.