CANNES, France — HartBeat CEO Thai Randolph and chairman Kevin Hart have one thing on their mind when it comes to their surging business: more growth.
And they aren’t ruling out another big capital raise to make it happen even faster.
“I won’t throw out a number that we’re looking at [capital wise], but our mission is to keep the world laughing together,” Randolph told Yahoo Finance Live (video above) at the Cannes Lions Festival of Creativity (video above) on Tuesday. “That is a big, hairy, audacious goal. It takes not just capital but people and partnerships to fuel that mission.”
Randolph added it’s one of the reasons they’re at Cannes.
“This is an amazing playground for brands, talent partners, platforms, and publishers,” she said. “And to be in the mix connecting with so many amazing, companies across advertising, that’s critical to that mission. Yes, we raised growth capital, but so much of the capital that will fuel the rest of this mission comes from commercial relationships like the ones that we form here.”
‘A team engine’
HartBeat isn’t too far removed from making its first financial splash.
In April 2022, private equity firm Abry Partners invested $100 million into Kevin Hart’s entertainment empire for a minority stake. The transaction valued HartBeat at a reported $650 million.
The investment ultimately led to the formation of present-day HartBeat. It combined Hart’s prior two businesses: HartBeat Productions — a film and production company — and Laugh Out Loud.
HartBeat has more than 70 projects in development and production.
“We are definitely always thinking about expanding,” Randolph explained. “We have doubled revenue year over year for the past few years. We have doubled the size of the team. We have grown our margins from a profit perspective. And with all of that, we always just feel like we’re just getting started.”
Kevin Hart is seen during the live taping of SiriusXM’s “Gold Minds With Kevin Hart” at the SirusXM Miami studio on June 3, 2023, in Miami Beach, Florida. (Photo by Alexander Tamargo/Getty Images for SiriusXM)
Hart — who won the “Entertainment Person of the Year” award at this year’s Cannes festival — is actively engaged in the creative process at HartBeat. But he is also focused on ensuring HartBeat hires the right people to help take it to the next level.
To that end, Hart offered up a good tip to his fellow chairman.
“The best way to discover what you don’t know is by listening, by informing yourself, and [by] being open to the idea and concept of change,” Hart told Yahoo Finance Live. “And that change has to come with personnel. It has to come with ideating at a high level and acceptance to what that looks like.”
“I am not the smartest man in the world — I will never put myself in a position to claim to be that,” he added. “But what I am is an amazing team player. And the team that I can say that I’ve been able to put around me has helped me create this thing. It’s a team engine. It’s a team concept.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
