KKR, a leading global investment firm, and RBmedia, a leading
digital audiobook and related spoken content producer, today
announced the signing of a definitive agreement under which KKR
will acquire RBmedia from Shamrock Capital. Financial details of
the transaction were not disclosed.
RBmedia is the largest independent publisher of audiobooks in
the world with a catalogue of more than 35,000 titles spanning all
genres – from romance to business to sci-fi – with thousands of
works being added each year. RBmedia’s collection spans
best-sellers to award winners to emerging works from up-and-coming
authors. The company also distributes content to consumers directly
through two divisions: Audiobooks.com, a leading audiobooks
subscription service, and RBDigital, a state-of-the-art cloud-based
digital media platform for libraries and library patrons. RBmedia
reaches consumers through distribution agreements with an array of
platform partners such as Audible, Google, and Rakuten.
“This is an exciting time for RBmedia as audiobooks are the
fastest growing segment in the digital publishing industry today.
We are delighted to partner with KKR to build on that momentum and
to expand upon the growth we’ve achieved in the space thus far in
partnership with Shamrock,” said Tom MacIsaac, President and CEO of
RBmedia.
“The proliferation of mobile devices and voice-enabled
ecosystems has created an always-on consumer who increasingly seeks
out new content to enjoy,” said Richard Sarnoff, Chairman of Media,
Entertainment, and Education for KKR. “This trend has made
audiobooks the most growthful segment of the publishing industry.
RBmedia is very well positioned to capitalize on these dynamics
with the industry’s largest independent catalogue of premier audio
content that can be flexibly delivered across platforms,
worldwide.”
“We are thrilled to partner with Tom MacIsaac and the talented
team at RBmedia,” said Ted Oberwager, Director at KKR. “We look
forward to continuing the company’s history of innovation and to
growing RBmedia for the years to come.”
KKR has a long history of successfully investing in
market-leading businesses in the digital media and content sectors.
KKR’s recent and related investments include WebMD, UFC, Sonos, BMG
Rights Management, Next Issue Media, Fotolia, Emerald Media, and
Nielsen, among others.
KKR is making the investment in RBmedia primarily from its KKR
Americas XII Fund.
“Shamrock is extremely grateful to the RBmedia team for their
partnership, entrepreneurial spirit and ability to lead the
business over the past three years,” said Mike LaSalle, Partner at
Shamrock. “KKR’s resources and expertise will enable the company to
continue to capitalize on the tremendous opportunity this market
represents.”
Goldman Sachs & Co. LLC is serving as financial advisor to
KKR on the transaction, with Simpson Thacher & Bartlett LLP
serving as legal advisor. LionTree is serving as financial advisor
to RBmedia on the transaction, with Cooley LLP serving as legal
advisor.
About RBmedia
RBmedia is a global leader in spoken audio content and digital
media distribution technology that reaches millions of consumers—at
home, in the car, and wherever their mobile devices take them.
RBmedia produces exclusive titles and delivers the finest digital
content—including audiobooks, streaming video, educational courses,
entertainment titles, and much more. Headquartered in Landover,
Maryland, RBmedia comprises an ever-expanding group of the best
brands in spoken audio content and digital media distribution
technology. Find out more at www.rbmediaglobal.com.
About KKR
KKR is a leading global investment firm that manages multiple
alternative asset classes, including private equity, energy,
infrastructure, real estate and credit, with strategic manager
partnerships that manage hedge funds. KKR aims to generate
attractive investment returns for its fund investors by following a
patient and disciplined investment approach, employing world-class
people, and driving growth and value creation with KKR portfolio
companies. KKR invests its own capital alongside the capital it
manages for fund investors and provides financing solutions and
investment opportunities through its capital markets business.
References to KKR's investments may include the activities of its
sponsored funds. For additional information about KKR & Co.
Inc. (NYSE:KKR), please visit KKR's website at www.kkr.com and on
Twitter @KKR_Co.
About Shamrock Capital
Shamrock is a Los Angeles-based investment firm with
approximately $1.9 billion of assets under management, investing
exclusively in the media, entertainment and communications sectors.
Shamrock was originally founded in 1978 as the family investment
company of the late Roy E. Disney and has since evolved into an
institutional money manager with a leading group of investors
including endowment and pension funds. Shamrock partners with
strong management teams and takes an active, collaborative approach
to creating value in each investment. Shamrock’s current
investments include Appetize, Branded Cities, BTI Studios, FanDuel,
Giant Creative, Isolation Network, Maple Media, Mobilitie, Omega
Wireless, Questex, RBmedia, Screenvision Media, Silvergate Media,
Wazee Digital, and Wpromote. For more information, visit:
www.shamrockcap.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20180716005196/en/
KKR:Kristi Huller or Cara
Major212-750-8300media@kkr.comorShamrock Capital:Mickey
Mandelbaum or Jaimee
Pavia212-279-3115mmandelbaum@prosek.comjpavia@prosek.com
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