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Oaktree Capital Buys FilmRise, Merges It With Shout! Studios In New Radial Entertainment

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  LA-based private equity firm Oaktree Capital has acquired FilmRise and will merge it with Shout! Studios in a new venture called Radial Entertainment.

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Oaktree Capital Acquires FilmRise, Merges It with Shout Studios to Bolster Streaming Empire


In a significant move within the evolving landscape of digital entertainment, Oaktree Capital Management has announced its acquisition of FilmRise, a prominent player in the free ad-supported streaming television (FAST) and ad-supported video on demand (AVOD) sectors. The deal, revealed on July 10, 2025, will see FilmRise merged with Shout Studios, another Oaktree-owned entity, creating a powerhouse in content distribution and streaming services. This strategic consolidation aims to leverage the strengths of both companies to expand their reach in an increasingly competitive market dominated by ad-supported platforms.

FilmRise, founded in 2012 by brothers Danny and Jack Fisher, has built a reputation as a leading distributor of licensed content across various digital platforms. The company boasts an extensive library exceeding 30,000 titles, encompassing a diverse array of television series, movies, documentaries, and specials. Notable offerings include classics like "Forensic Files," "Unsolved Mysteries," and "Heartland," which have garnered massive viewership on platforms such as Roku, Pluto TV, and Tubi. FilmRise's business model revolves around acquiring rights to existing content and distributing it through FAST channels and AVOD services, capitalizing on the growing consumer preference for free, ad-supported viewing options over traditional subscription models.

Shout Studios, on the other hand, traces its roots back to Shout! Factory, established in 2003 by Richard Foos, Bob Emmer, and Garson Foos. Originally focused on home entertainment releases of cult films, horror classics, and music documentaries, Shout has evolved into a multifaceted studio with a strong emphasis on original productions and premium content curation. Its portfolio includes beloved titles like the "Mystery Science Theater 3000" revival, horror franchises such as "The Howling," and music docs featuring artists like The Beatles and Bruce Springsteen. Under Oaktree's ownership since 2022, Shout has expanded its digital footprint, venturing into streaming with its own FAST channels and partnerships with major platforms.

The merger, orchestrated by Oaktree Capital—a global investment firm managing over $180 billion in assets—represents a calculated effort to synergize the two companies' operations. Oaktree, known for its investments in media and entertainment, including previous stakes in companies like Lionsgate and AMC Networks, sees this as an opportunity to create a more robust entity capable of navigating the challenges of the post-pandemic streaming wars. By combining FilmRise's vast content library and distribution expertise with Shout's production capabilities and niche market appeal, the new combined company is poised to enhance content acquisition, monetization strategies, and global expansion.

Danny Fisher, CEO of FilmRise, expressed enthusiasm about the partnership in a statement: "Joining forces with Shout Studios under Oaktree's umbrella is a game-changer for us. We've always prided ourselves on delivering high-quality, accessible content to audiences worldwide, and this merger allows us to scale our operations while tapping into Shout's creative strengths. Together, we'll be able to offer even more diverse programming and innovative distribution models." Fisher will continue to lead the merged entity, ensuring continuity in FilmRise's core operations while integrating Shout's team.

Garson Foos, CEO of Shout Studios, echoed these sentiments, highlighting the complementary nature of the two businesses. "Shout has always been about celebrating pop culture and delivering fan-favorite content in fresh ways," Foos said. "FilmRise's expertise in FAST and AVOD distribution perfectly aligns with our goals. This merger isn't just about size—it's about creating a dynamic platform that can compete with the giants in the industry while staying true to our roots in quality entertainment."

The timing of this acquisition couldn't be more pertinent, as the streaming industry undergoes a profound shift toward ad-supported models. With subscription fatigue setting in among consumers—evidenced by slowing growth at services like Netflix and Disney+—FAST and AVOD platforms have surged in popularity. According to recent industry reports, FAST revenues are projected to exceed $10 billion in the U.S. alone by 2026, driven by platforms like Pluto TV (owned by Paramount), Tubi (Fox Corp.), and The Roku Channel. FilmRise and Shout's combined library will position them as a key supplier of content to these services, potentially increasing their bargaining power in licensing deals.

Moreover, the merger addresses broader industry trends, such as the consolidation of content libraries to combat fragmentation. In an era where viewers are overwhelmed by choices, having a centralized hub for diverse genres—from true crime and reality TV at FilmRise to sci-fi and cult horror at Shout—could streamline discovery and retention. Oaktree's involvement brings financial muscle, enabling investments in original content production, international expansion, and technological enhancements like AI-driven recommendation engines.

Industry analysts view this deal as part of a larger wave of mergers and acquisitions in the media sector. For instance, similar moves include Warner Bros. Discovery's integration of HBO Max with Discovery+ and Amazon's acquisition of MGM. By merging FilmRise and Shout, Oaktree is not only consolidating assets but also hedging against economic uncertainties, such as advertising slowdowns or shifts in consumer behavior. The combined entity will operate under a unified brand, though specific details on rebranding remain under wraps. Operations will be headquartered in New York, with additional offices in Los Angeles, reflecting the bicoastal nature of the entertainment industry.

Looking ahead, the merged company plans to aggressively pursue new content acquisitions, focusing on underserved niches like international films, independent productions, and user-generated content integrations. There are whispers of potential expansions into live events streaming, podcast integrations, and even virtual reality experiences, capitalizing on Shout's history with music and pop culture. Danny Fisher hinted at upcoming announcements: "We're excited to unveil new channels and partnerships that will bring fresh content to millions of viewers. This is just the beginning."

This acquisition also underscores Oaktree's growing influence in media. The firm, founded in 1995, has a track record of turning around distressed assets and fostering growth in entertainment. Its portfolio includes investments in sports, music, and digital media, positioning it as a savvy player in the convergence of traditional and new media. For FilmRise, which started as a modest operation distributing public domain films, this deal marks a remarkable ascent, validating its bet on ad-supported streaming long before it became mainstream.

Critics, however, caution that such consolidations could lead to reduced competition and homogenized content offerings. Independent filmmakers and smaller distributors might find it harder to secure deals in a landscape dominated by larger entities. Nonetheless, proponents argue that the merger will democratize access to content, making high-quality programming available for free to a global audience.

In conclusion, Oaktree's acquisition of FilmRise and its merger with Shout Studios signals a bold step toward redefining the FAST and AVOD ecosystems. By uniting two complementary forces, the new entity is set to deliver enhanced value to viewers, advertisers, and content creators alike. As the streaming wars intensify, this move could very well set a precedent for future consolidations, reshaping how we consume entertainment in the digital age. With a combined library that spans decades of film and TV history, the possibilities for innovation and growth appear limitless. (Word count: 1,028)

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