Oaktree acquires control of FilmRise, a leading global independent television and film distributor.
In a major move, Los Angeles-based private equity firm Oaktree Capital Management has acquired two significant independent distributors of digital streaming content, FilmRise and Shout! Studios. The merged companies will form a new holding company called Radial Entertainment, which aims to create one of the largest independent content catalogs in the industry.
The merger, announced in 2025, follows Oaktree's initial investment in Shout! Studios in 2023. The consolidation leverages the complementary strengths, assets, and expertise of both companies to build a substantial media footprint in the digital streaming content distribution space. Radial Entertainment will boast a library of over 70,000 movies and episodes.
Garson Foos, CEO and co-founder of Shout! Studios, will become CEO of Radial Entertainment, while Danny Fisher, CEO and co-founder of FilmRise, will serve as Executive Chairman. This leadership alignment supports a unified operational structure to drive the new entity's growth and market presence.
Oaktree's strategy for Radial Entertainment is to consolidate the independent content market, expand its digital streaming presence, and continue seeking opportunities to invest and grow its catalog of film and TV titles. The firm is committed to working with Radial's management team to drive significant organic and M&A-driven growth.
The merger between Radial Entertainment and FilmRise is described as highly additive and complementary. Jared Frandle, managing director for Oaktree's Special Situations strategy, expressed excitement about the merger, stating, "We believe this combination will create a world-class film and TV media business."
Radial Entertainment's CEO, Garson Foos, expressed admiration for FilmRise and believes in the strategic potential of the merger. He emphasised that the spirit and soul of Shout! Studios will continue to flourish in the new organization.
The financial terms of the deal were not disclosed. Salem Partners and Guggenheim Securities acted as the exclusive financial and investment banking advisers to Oaktree and Shout! Studios, respectively, while FilmRise was advised by Manatt, Phelps & Phillips. Greenberg Traurig and Manatt, Phelps & Phillips acted as the exclusive legal advisers to Shout! Studios and FilmRise, respectively.
The merger represents a significant consolidation in the independent digital streaming content distribution industry, positioning Radial Entertainment as a major player with a vast content library and enhanced capabilities. The new entity expresses strong conviction in the incremental value it will bring to its partners and consumer fan base.
- The consolidated broadcasting companies, Radial Entertainment, will possess a vast library of over 70,000 movies and episodes, aiming to become one of the largest independent content catalogs in the digital streaming content distribution space.
- In the merged company, Garson Foos, the CEO and co-founder of Shout! Studios, will assume the role of CEO, while Danny Fisher, the CEO and co-founder of FilmRise, will serve as Executive Chairman.
- The merger between Radial Entertainment and FilmRise is considered highly additive and complementary, with Oaktree Capital Management's strategy being to consolidate the independent content market, expand digital streaming presence, and continue seeking opportunities for growth.
- The new business entity, Radial Entertainment, is committed to working with its management team to drive significant organic and M&A-driven growth, as it positions itself as a major player in the independent digital streaming content distribution industry.
- The merger represents a significant consolidation in the industry, with Oaktree Capital Management expecting the combined company to create a world-class film and TV media business.
- The merger between Radial Entertainment and FilmRise is accompanied by strong conviction in the incremental value it will bring to its partners and consumer fan base, and Garson Foos, the CEO of Radial Entertainment, emphasizes that the spirit and soul of Shout! Studios will continue to flourish in the new organization.
