LOS ANGELES – Indie studio Propagate Content has secured a significant financial investment from global merchant bank, The Raine Group. The investment will be used by Propagate to accelerate the company’s growth globally through the launch of innovative new ventures and targeted acquisitions, further cementing its reputation as a transformational content studio.
Propagate is helmed by Chairman & Co-CEO, Ben Silverman and Founding Partner & Co-CEO, Howard T. Owens. The company and its executives have a 25-year market leadership position in international content development, global distribution, and production having run networks, studios, talent agencies and independent production and distribution companies. Founded in 2015, Propagate has quickly become a major indie studio with 17 series in production and 40 projects in development at over 21 networks and streaming services, including Apple’s first series, “Planet of the Apps,” starring Jessica Alba, Gwyneth Paltrow, Gary Vaynerchuk and will.i.am.
The Raine Group is well known for its partnerships with creator-driven media and entertainment companies which help drive growth objectives. Past Raine investments include Vice Media, Imagine Entertainment, Matt Stone and Trey Parker’s Important Studios, fantasy sports operator Draft Kings, and action sports company Nitro Circus.
The Raine investment will allow Propagate to expand its worldwide production, distribution and digital businesses, including the formation of a branded content studio division and podcast network. Propagate’s ambitions for the coming year include growing its global footprint with the launch of business units in Latin America, Asia, India and the Middle East. Through these units, the company will partner with local production communities to develop, produce and distribute original formats as well as target potential acquisitions.
With the success of their hit show “Lore,” produced in partnership with Gale Anne Hurd’s Valhalla Entertainment for Amazon Prime, Propagate has also acquired two other hit podcasts, “Up and Vanished” which is in development at Oxygen, and “Sword and Scale” which has been picked up by a streaming service. In the coming year, Propagate plans to make a bigger play in this emerging medium, launching a podcast studio to develop and produce original podcasts.
2018 will also bring Propagate’s first straight to series scripted order, “Blood & Treasure,” for CBS.
With their investment Raine joins A+E Networks as the principal investors in Propagate. The Raine investment was negotiated by Scott Smith, Megan Woodford, Norman Greenberg and Ansgar Simon from Covington & Burling and Ziffren Brittenham for Propagate; by Mike Meyers, Ken Siegel and Bennett Reed from Reed Smith and Resham Ramchandani from A+E Networks’ Legal Department on behalf of A+E Networks; and for Raine by Stephen Amdur from Pillsbury Winthrop Shaw Pittman and Glen Mastroberte from Latham & Watkins.
