Kevin Hart’s media company Hartbeat was valued at $650 million in 2022, but three years later the comedian is buying out his investors, and employees fear the company is finished. Hartbeat produced films and TV shows, managed video channels and handled brand partnerships. The goal was building a business that could survive without its founder. Instead, it collapsed, Bloomberg reports.
Hart opened offices in New York, Atlanta and a 40,000-square-foot West Hollywood space once occupied by Oprah Winfrey. Soon after, Hollywood’s production market cratered, staff meetings were constantly canceled, and Hart disappeared for weeks at a time. Hartbeat couldn’t function without him. Three CEOs cycled through in two years. The company laid off nearly a quarter of its workforce before Thanksgiving, then cut another dozen in December.
In January, Hart announced a deal with Authentic Brands Group that moved his endorsement deals outside Hartbeat. “I know the past few months have been tough,” Hart wrote employees. The email was signed “Kevin AKA Boss Man.” It was sent by his assistant.
Kevin Hart’s media company Hartbeat was valued at $650 million in 2022, but three years later the comedian is buying out his investors, and employees fear the company is finished. Hartbeat produced films and TV shows, managed video channels and handled brand partnerships. The goal was building a business that could survive without its founder. Instead, it collapsed, Bloomberg reports.
Hart opened offices in New York, Atlanta and a 40,000-square-foot West Hollywood space once occupied by Oprah Winfrey. Soon after, Hollywood’s production market cratered, staff meetings were constantly canceled, and Hart disappeared for weeks at a time. Hartbeat couldn’t function without him. Three CEOs cycled through in two years. The company laid off nearly a quarter of its workforce before Thanksgiving, then cut another dozen in December.
In January, Hart announced a deal with Authentic Brands Group that moved his endorsement deals outside Hartbeat. “I know the past few months have been tough,” Hart wrote employees. The email was signed “Kevin AKA Boss Man.” It was sent by his assistant.
www.entrepreneur.com
#Kevin #Harts #Million #Empire #Shrinking
