AMC Networks Makes Minority Investment in Adaptive Studios
Adaptive has raised a total of $16.5 million from AMC and Atwater Capital.
Adaptive Studios has raised $16.5 million in funding from AMC Networks and Atwater Capital as it looks to expand its pipeline of projects traditional and digital platforms.
The five-year-old studio behind HBO's Project Greenlight has taken a unique approach to developing projects. It hires writers to adapt dead scripts into novels and then turns them back into film and TV projects. The first such project from the company, founded by Perrin Chiles, TJ Barrack and Marc Joubert, was Coin Heist, which was turned into a novel and, later, a film that sold to Netflix. Other projects include short film Pineapple, which sold to digital platform Black Pills, and The Memory Thief, which is in development at Fox Animation.
"AMC Networks views this investment as a key component as we expand our expertise beyond premium long-form scripted television into developing and producing short-form and other types of content for all platforms,” said AMC COO Ed Carroll.
Added Atwater managing partner Vania Schlogel, "Adaptive Studios is a truly unique content creator, generating narrative-centered IP across both traditional and digital distribution channels."
Adaptive's existing investors include Colony Northstar executive chairman Thomas J. Barrack Jr., Elevation Partners founding partner Roger McNamee and Magnolia Pictures and Landmark Theaters co-owner Todd Wagner.
"AMC Networks and Atwater Capital have been incredibly strategic and forward thinking about investments in this ever-changing media landscape," said Chiles, who serves as Adaptive's CEO. "With our growing library of diverse IP, we could not ask for better investors to help expand our business and secure new partnerships."