It’s been almost two years since a bunch of the best and brightest young agents and partners told their bosses they were stepping down from their million dollar salary to follow former eOne strategy officer and CAA television veteran Peter Michelle and become one of its founding partners. New management company, Range Media Partner.
They made their dramatic pivots at the height of the instability of the industry; Movie theaters were closed from Covid, production rebounds were slow because no one was writing Covid policy and that meant no termination bond; Studio tents are being unloaded to streamers. Representative business also flowed, tending to eliminate WGA packages and approved products that fueled the growing agency’s coffers.
So a consortium of agents from CAA, UTA, WME and other firms, ripping off A-listers like Bradley Cooper, Tom Hardy, Keira Knightley, Emilia Clark and Rady Youssef, decided to accept the change without fear.
Their clients realized selling their representatives could be a new phase in an ever-changing Hollywood, with an emphasis on hands-on representation and leaning towards branded opportunities outside of their onscreen work. In fact, director Luca Guadagnino — who followed Rich Cook to Range as founding partner and former WME partner ছিল was so keen to design the company’s new headquarters at Bergamot Station in Santa Monica, CA.
“My professional relationship with the rich man is deep, I see him as a rock to hold on to and I am building a strong complication in our path with him,” said Guadagnino. “So, I would follow him everywhere. The great news is that since Rich told me about the range, I realized how powerful and far-sighted they were waiting to take such a disruptive step, so now there are two reasons. As I said about the disruptive power of this idea, I love when there is a very healthy ‘home shake’. In this case, the power of different people was developed in this company.
The formation of the range two years ago was the dictionary definition of ‘disruptive’, and it was filled with the painful departure of most former colleagues.
“Yeah Al that sounds pretty crap to me, Looks like BT aint for me either.”
On the day of departure that late summer, Michelle and Huigham were followed by CAA’s Mick Sullivan, Dave Bugliari, Michael Cooper, CAA Global Brand Group’s Sandra Kang, CAA Foundation’s Rachel Kropa, WME Lit Agent Cook; UTA TV agents Mackenzie Rousseau, Susie Fox and Chelsea McKinsey; Natalie Brass, New York-based manager Byron Weitzel, founder / president of LA-based music management firm BRND MGMT Matt Graham and veterinarian of digital and brand strategy.
Range Media Partners will expand beyond the reach of TV and film presentations, catapulting clients’ brands into areas such as Web 3, e-gaming, NFT, social media and venture capital.
“We got to a point where we were thinking about the need, not creating a competitor in the interests of the competitors,” Michelle said. “A dynamic change is coming that is coming, and the company will reflect on how to deal with it.”
“It was really inspiring for us, because when you looked around, you said, ‘OK, you see what Web 3 is going to do, and there’s going to be a big change in terms of the Writers Guild issue and the issues that all the delegates are bringing up. Streaming backend and buy out.’ “We were thinking about what we needed,” he added.
Unlike other management firms, which, like agencies, manage a huge list of clients, Range Top will prioritize exclusive talent.
“We’ve all been pretty thin in our previous lives,” said Huigam, referring to the transition from an agent to a manager. “Because we’re going to be more intimate and boutique with fewer clients, we’re going to spend more time on things that aren’t on the menu or harder to achieve because they take longer.” It takes strategy. ”
In firms, there is a huge dividend between the millions of dollars earned by the executives operating the firms, and crackerjack agents pull commissions and rely on bosses to set rise and fall bonuses with the health of the agency. In the range, however, the partners have an equity partnership and discretionary bonuses are omitted because they are often the bone of contention. Instead, the success of a manager with a client resonates with others in the firm through a shared pool of commissions.
In addition to starting with top dealmakers and strong ground-floor clients, the range started on a solid financial basis. The new firm was bankrolled by hedge fund billionaire and future New York Mets owner Steve Cohen through his initial capital firm Point72. He remains a minority investor, with additional funding from New York Knicks coach David Fitzdale, Microsoft CMO Mitch Mathews-Spradlin, and Groove founder / CEO Matt Maloney.
Less than two years after their launch, Range Media Partners is now valued at approximately 300 million. Hollywood’s largest, most established management-production company, 3 Arts is close to what it sold in 2018 after 27 years of business. Range Media has also reported positive cash flow in the last five months.
In the age of streaming, quarterly subscriber growth, and unpublished, elusive viewership data is a challenging benchmark for a talent representative to build any client’s career from box office or TV viewership that is a clear barometer of an artist’s qualifications.
However, instead of fighting the new normal, Range Media’s philosophy is to embrace it.
“One of the things we’re seeing is that you have a lot more direct-consumer-consumer capabilities through digital and online. You had a challenge in the traditional film marketplace, so artists have to talk more directly to their fans and be more aggressive about their revenue stream, because there is discomfort in traditional film. So, they’re going to be more aggressive, on average more ambitious about different areas of their lives, “Wigham explained.
This raised questions for Range Media partners on what they could utilize.
“One is to capitalize well, so that if you really bring money to the table and take certain opportunities, you can either use the great opportunities or you can get things off the line,” Wigham said.
The power part of the range for driving their clients’ projects stems from a model built on creating multiple joint ventures with different studios and platforms for different projects.
One such investment is with A + E Networks, which recently acquired a high-profile partnership with the firm for M 50M. The agreement calls on A + E Studios to become a co-production partner for scripted TV projects derived from the range. Previously, Range formed a joint venture with A + E Studios to hold the series White House doctor Alyssa Milano in production with Fox in development.
Also late, Range co-produced and co-financed four to six films a year in a variety of genres and budgets, jointly with Filmnation, thus giving the firm further access to stable-to-high-resource material and talent.
Beyond film and TV, Range leads its clients in many areas, including but not limited to brand incubation and business investment.
Brass, a managing partner who has worked extensively with Gabriel Union, said, “Artists have spent their careers building other people’s wealth, not building their own wealth.” Brass suggested Best of LA Actress for her investment in the National Women’s Soccer League team, Angel City, as well as baby food brand Yumi. Range has also collaborated on digital marketing strategies for its hair care line fluff.
Another area that separates the range is the use of data analysis to communicate and inform their clients about their decisions.
“We believe that bringing really sophisticated perspectives and capabilities to data analysis reveals a lot of opportunities and strategies because Hollywood has traditionally had a bit of a gut instinct,” Wigham said.
So the range has created the most comprehensive understanding of their clients from the fan base to their credit card purchases.
“We have never been able to use V2B and hedge funds to help our clients get the desired role or to identify the clients who might best associate with a portion of the intellectual property, but also to help their fans understand. Because our clients are also brands, “said Brass
The range data set has been helpful in discussing clients, whether it is displaying their financial value in a media aggregate library. Kai Gayoso, head of digital management at Range, a former Facebook veterinarian who oversees the firm’s influential division, worked with Shyamlon to restructure direct marketing. Servant And his Universal Thriller last summer, Old.
Another á la carte advice from the range is in the realm of music. Shyamlan is a project that is in early development with a prominent musical element Shyamlon’s projects are being supported by the range’s in-house labels in need of music and soundtracks.
Other examples of how the range is expanding their clients beyond the standard bucket of film and TV include a deal for Caesar Vince Vaughan; Range and GPN, a joint venture between the gameplay network, Yellowstone Actor Luke Grimes’s new country music career, and Atlantic Records rapper Jack Harlow’s acting debut with a reboot of 20th Century Studios White Men Cant Jump. Range also signed Airmen The EPs are Meredith Lavender and Mercy Woolin, and are working on a visual branding that is ridiculous with their story.
“We want the range to be a place where partners, artists and clients can come and say, ‘You know what? I’ve always wanted to do that. ‘ We have venture capital skills, we have business development skills, we have data analysis, we spend a lot of time on Web3 and understand what the potential is and how artists influence their stories to communicate with the world, “says Micelli. The more we are able to sit down with clients and pursue other dreams, the more our company’s commitment is realized. “