Top Gun producer Skydance is valued at $4bn following investment led by KKR
$400M funding injection for the studio behind 'Top Gun: Maverick' defies the gloom of public entertainment concerns

Skydance Media, the Hollywood production company behind blockbuster Top Gun: Maverick, has received a $400 million cash injection led by KKR.
The investment, which also included participation from the Ellison family, RedBird Capital Partners and Tencent, gives Skydance a valuation of more than $4 billion. The funding will support new initiatives in the areas of sports and interactive entertainment, and help build the company's fledgling animation division.
The capital injection comes at a time when the market capitalizations of major media groups such as Netflix, Warner Bros Discovery and Disney have fallen sharply. After a heady few years in which private equity and other investors flocked to entertainment-related assets, sentiment has changed drastically over concerns about the cost and growth potential of the streaming video business.
But despite the gloomy mood in the industry, Skydance has had a strong run this year with the launch of its first animated film for Apple TV Plus and the success of Top Gun: Maverick, which grossed more than $1.4 billion at the box office and fifth highest grossing film in the US. Those close to the investment note that the fundraising began before it was clear that Top Gun would break box office records.
Founded in 2010 by David Ellison, son of billionaire Oracle co-founder Larry Ellison, Skydance has expanded from films to include games, television production and animation. The Ellison family remains the company's largest shareholder. KKR's previous investments in media and entertainment include ByteDance, Epic Games and Axel Springer.
"We look forward to supporting the Skydance team as they continue to grow their television, film, animation, games and sports businesses," said Ted Oberwager, KKR's Games, Entertainment, Media and Sports Americas affiliate responsible is.
Private equity groups have been active in Hollywood in recent years. Blackstone backed Candle Media, which is run by former Disney executives Tom Staggs and Kevin Mayer. RedBird last year invested in a content company founded by basketball pro LeBron James and sports marketing executive Maverick Carter.
In addition to Top Gun, Skydance has also endorsed a number of other film franchises, including two Mission Impossible sequels, Star Trek Into Darkness and Jack Reacher: Never Go Back.
