Imagine Entertainment, anchored by Hollywood heavyweights Brian Grazer and Ron Howard, announced Monday that it has received a significant investment from the merchant bank the Raine Group.
While the size of the investment was not formally announced, sources have placed it at more than $100 million, according to the Hollywood Reporter. The move comes as Imagine's long-running relationship with Universal Pictures is coming to an end.
A statement released by the company said Raine's investment would enable Imagine to further expand its creative footprint, working with content creators across the entertainment spectrum and exploring ways to integrate storytelling and technology. In addition to television and film production, it would use the money to expand into branded content, location based entertainment and digital technology.
Raine has a history of partnering with successful content creators to help fuel their growth. Other high profile Raine investments include Vice Media; Matt Stone and Trey Parker's Important Studios; action sports company Nitro Circus and fantasy sports operator Draft Kings.