GTCR Announces Partnership with Eric Ellenbogen and John Engelman to Form Boomerang Media
Chicago, January 18, 2008 GTCR, one of the nation’s leading private equity firms, today announced that it has entered into a partnership with Eric Ellenbogen and John Engelman to form Boomerang Media, LLC, a premier content owner in the media and entertainment industries.
The new company will be dedicated to the acquisition, management and exploitation of entertainment copyrights and related intellectual property across all media. GTCR plans to invest up to $200 million in equity capital to support management’s broader strategy of building the company into a leading franchise for iconic, branded entertainment assets. Eric Ellenbogen and John Engelman will act as co-CEOs of the new entity.
Messrs. Ellenbogen and Engelman have extensive experience in the entertainment industry and have worked together on prior occasions to build successful companies in the space. The two founded Classic Media, Inc. in May 2000, which they grew into the one of the industry’s largest libraries in the children’s and family genre, encompassing iconic franchises such as Rudolph the Red-Nosed Reindeer, Casper the Friendly Ghost, Lassie, The Lone Ranger, Underdog, George of the Jungle, Veggie Tales and Rocky & Bullwinkle. Ellenbogen and Engelman also served as co-CEOs of Broadway Video Entertainment, a manager of film and television libraries founded by Saturday Night Live creator Lorne Michaels. In addition, Ellenbogen acted as President and CEO of Marvel Entertainment, where he was responsible for establishing a long-term film deal with Sony Pictures for the Spiderman franchise.
“We are excited to partner with Eric and John to create a company with such vast potential,” said GTCR Principal Bruce Rauner. “Their combined talent and proven ability to work together to build dominant businesses in this niche sector bodes well for the future of Boomerang Media and its key stakeholders.”
“We are looking forward to working with GTCR to build Boomerang Media into a major competitor in media content ownership and exploitation,” Ellenbogen said. “GTCR has a successful history of helping build industry-leading companies through growth and acquisition, and we believe that they will be an exceptional long-term partner for Boomerang Media,” Engelman added.
“The management and exploitation of intellectual property rights for iconic entertainment franchises is a unique space in which we continue to see a number of intriguing investment opportunities,” added GTCR Vice President Eric Sondag. “Partnering with Eric and John, true industry veterans with a proven track record of building successful media businesses, positions us to pursue a variety of opportunities in this attractive industry.”
The partnership with Ellenbogen and Engelman highlights GTCR’s underlying investment philosophy of partnering with top executives to build leading companies in profitable industries, both organically and through acquisition.
GTCR’s investment in Boomerang Media will be made from GTCR Fund IX, LP, a private equity fund with $2.75 billion of committed capital.
About Boomerang Media
Based in New York, Boomerang Media is a company focused on the ownership and exploitation of entertainment copyrights and related intellectual property across all media.p>
Founded in 1980, GTCR Golder Rauner, LLC is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to acquire and build companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $8 billion of equity capital invested in a wide range of companies and industries. More information about GTCR can be found at www.gtcr.com.