Following a few years of mergers, restructurings and cost-cutting initiatives, Hollywood executives who have been “set adrift” are being snapped up by media investment firms, Variety reports.
“The shake-out in media and entertainment … has thrust many experienced executives back onto the job market — but they’re not all landing at mainstream Hollywood companies,” Variety reports. “A growing number of them are making their way into new roles as partners, advisers or entrepreneurs-in-residence at private equity and venture capital funds.”
The report adds: “The burst of available executive talent has coincided with an upsurge of interest among investors in putting money into media and related businesses. Now that the dust is settling on the Disney-Fox, AT&T-Time Warner and Comcast-Sky megamergers, veteran observers see the next wave of industry consolidation coming through transactions greased with private equity capital. Some executives are lining up to be in a good position to help prospective new owners operate TV, film and digital content and distribution acquisitions.”
The report notes that Gary Newman, former co-head of Fox Television Group, became an executive partner of Attention Capital in October. The startup was also spurred in part by the sale of 21st Century Fox.
Newman is quoted saying: “Right now, you have half a dozen or so really large [media] companies dominating the space. They’ve got their mission and it seems to be about creating direct-to-consumer relationships, and everything is secondary to that. It seems to me there’s a lot of opportunity in the media space that fits within the creases of the things that the big companies are doing.”
We encourage readers to click on the link above to Variety to read the full report.