Studio behind "Top Gun: Maverick" now valued above $4 billion
- Dan Primack, author of Axios Pro Rata
Illustration: Sarah Grillo/Axios
Skydance Media, the Hollywood studio behind "Top Gun: Maverick," on Thursday announced that it raised $400 million in new funding at a valuation north of $4 billion.
The big picture: Private equity has begun plugging big money into production houses, as streaming has increased the demand for content and accelerated the financial payback.
Details: KKR led the round, and was joined by existing investors RedBird Capital Partners and China's Tencent.
- Also participating was the Ellison family, which remains Skydance's majority shareholder. David Ellison, whose billionaire father is Oracle founder Larry Ellison, is Skydance's CEO.
Silver screen: Skydance is best known for films starring Tom Cruise, including the Mission Impossible and Jack Reacher franchises. But it's also home to the Terminator films, an upcoming Star Wars game and a live-action film based on Matchbox cars (seriously).
Elsewhere: A24, the studio behind "Uncut Gems" and "Moonlight," earlier this year raised $225 million at a $2.5 billion valuation.
- Plan B Studios, founded by Brad Pitt, reportedly is seeking a buyer or minority investor