Crazy Rich Asians Studio SK Global Entertainment Sells Off Majority Stake

The London-based global investment firm Centricus has purchased a majority stake in SK Global Entertainment, the film and TV production and finance company behind the movie Crazy Rich Asians.

Centricus will provide additional capital to bolster SK Global’s growth strategy through IP ownership and financing strategic acquisitions of complementary businesses.

Charlie Corwin will become CEO and oversee the company, including corporate expansion and operations, and John Penotti will become chief creative officer focusing on the global film and TV slates of  SK Global. Sidney Kimmel, founder of SK Global, will continue in his role as chairman and Matt Aragachi will continue as CFO.

Earlier this year, SK Global acquired Critical Content, focused on unscripted television series, including MTV’s Catfish and Netflix’s Get Organized with The Home Edit.

Corwin said, “With the rapid expansion of platforms and theatrical releases around the world, this is a unique time of great opportunity for independence at scale. We look forward to working with the Centricus team, who share our vision for a truly global independent studio.”

Penotti added, “Our strategy has been to invest in the rights to culturally relevant stories such as Kevin Kwan’s Sex and Vanity, Thai Cave Rescue and Crazy Rich Asians, and then partner with the best talent to bring these stories to a global audience. This new ownership will drive our continued investment in franchise IP, A-list talent and strategic acquisitions in the U.S. and around the world.”

Corwin and Penotti said, “Thanks to Sidney Kimmel’s decades-long vision, support and trust, this is all possible. We are incredibly grateful to Sidney for his leadership and belief in our team, and we will continue to apply the important lessons we learned from him.”

“We are excited to have acquired a majority stake in SK Global, a leader in independent content for global audiences,” added Josh Purvis, partner and COO of Centricus. “This deal marks an important investment in the media sector for Centricus. With strong leadership and strategy, we are confident in the ability to deliver on the vision to tell cultural stories around the world. We intend to continue investing in that vision through the financing of both content and acquisitions in this fast-growing space.”

Kimmel said, “This acquisition will allow SK Global to achieve new heights under the leadership of Charlie and John. With Centricus’ support, I know SK Global can develop global franchises and content that will have global resonance. I could not be more proud of the company we’ve built, and I am confident SK Global will prosper under the stewardship of incredible leaders.”