Next Big Entertainment, the largest and most prestigious private equity firm in the U.S., is looking to build its first entertainment asset to fuel its growth and build its reputation for cutting-edge technology, the company announced today.
Next Big Entertainment announced today that it is teaming with Klei Entertainment, a leading maker of high-quality digital entertainment products for homes, to develop the new entertainment asset.
The new venture will create a new entertainment product that will bring together the best of the best, including entertainment content created for the Home Cinema and Entertainment.
“Klei and Next Big are uniquely positioned to deliver a groundbreaking entertainment product to help grow our business,” said Kevin Smith, president and chief executive officer of Next Big, in a statement.
“Together, we will deliver the entertainment products that the next generation of consumers want.”
Next Big, based in Los Angeles, is a leading private equity fund with a portfolio of assets ranging from retail brands to technology startups to entertainment companies.
The firm has raised more than $5 billion from investors including Facebook co-founder and Facebook board member Mark Zuckerberg.
It also has more than 4,000 employees.
The company announced the partnership with Kleis new Entertainment product at the New York City International Film Festival on Wednesday.
It will also unveil the new venture at the upcoming CinemaCon event on Sunday in Las Vegas.
“This is a game changer for Next Big and the world of entertainment,” said Klei’s president and CEO Alex Kleis statement.
“The next generation will love what we have to offer and we will continue to work closely with Kleio to make sure it has the best product to make the world better,” said Next Big’s co-founders.
“We believe in Next Big.
We believe in Klei.
We think Next Big is the perfect place for Next.”
Kleis new entertainment content will be created and curated by Next Big executives, the statement said.
Klei also will build the entertainment product, which will be available exclusively on the Next Big website.
The entertainment product will be an extension of Next BIG’s existing business, which includes a portfolio comprised of entertainment content, entertainment software, and consumer products.
Next Big was founded in 2013 and was valued at $20 billion at the time.
The company operates through more than 250 companies, including brands like HBO, AMC, and Warner Bros.
The Next Big entertainment asset is the first of its kind to be built by Next BIG and will bring Klei, a leader in technology and entertainment, together with Kleian, the world’s leading manufacturer of high quality home entertainment products.
“We are delighted to be joining forces with Kleia to build the next chapter of NextBig,” Klei President and CEO Alexander Kleis said.
“The partnership will help us build on our current strength in entertainment products and our strong position in digital media.
NextBig will be a leading provider of high tech entertainment content for home and entertainment.
We are confident that the NextBig Entertainment asset will deliver an innovative new product that truly lives up to its name.”
Kai Liu, a partner at Klei who worked with Kleijin on the new media project, said, “This partnership is a real coup for NextBig.
It brings together the industry leaders to help build NextBig’s entertainment asset, and I am confident it will deliver a game-changing entertainment product.””
Kleios current entertainment product is a huge failure,” Liu said.”
Our new content is a true evolution in the way we create entertainment, and NextBig is uniquely positioned with a large pool of content that will be developed and curated to deliver the best entertainment experiences.”