Kevin Hart's media firm gets $100 mln backing

STORY: Hollywood star and comedian Kevin Hart launched a new media company on Tuesday (April 26) with $100 million backing.

Hart - known for his roles in 'Jumanji' and 'Central Intelligence' - will be chairman.

The company - called HARTBEAT - said it would produce and distribute television and film content focused on ‘comedic storytelling’.

It also announced it was in various stages of development or production on more than 60 projects.

The $100 million investment comes from private equity firm Abry Partners.

It continues a recent trend of buyout firms moving into the entertainment space.

They’re betting on strong demand for content.

In January, private equity company Apollo said it would invest $760 million in Legendary Entertainment - which produced Oscar-winning hit ‘Dune’.

It hasn’t all been positive for entertainment industry investors this year, though.

Last week, streaming giant Netflix reported it had lost subscribers for the first time in 10 years.

It blamed inflation, competition and the war in Ukraine.

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