Oaktree Capital Management is bringing together two of the most prominent names in independent content distribution, FilmRise and Shout! Studios, under a new banner, Radial Entertainment. This follows Oaktree’s acquisition of FilmRise and its prior investment in Shout! Studios, creating a single entity with a combined library of around 70,000 film and TV titles.
This isn’t just a consolidation of assets. It’s a calculated move to scale and compete across the expanding digital distribution ecosystem. FilmRise is known for its success in ad-supported streaming and its robust presence in FAST and AVOD, while Shout! has built a legacy in cult and genre content with strong roots in both physical and digital media. The merged company brings together complementary strengths, with FilmRise’s platform capabilities and digital reach now matched by Shout!’s brand equity and content development expertise.
Garson Foos, CEO and co-founder of Shout!, will lead the new entity as CEO of Radial Entertainment. Danny Fisher, CEO and co-founder of FilmRise, will serve as executive chairman. Both have emphasized the strategic logic of this merger. Foos called the deal a highly additive combination of two complementary organizations, while Fisher framed the opportunity as a chance to create a true media powerhouse backed by operational scale and experienced leadership.
Oaktree’s message is clear. With $203 billion under management and a growing track record in entertainment assets, it’s betting on Radial to deliver outsized returns through scale, content acquisition, and expanded distribution channels. Jared Frandle, managing director of Oaktree’s Special Situations strategy, pointed to the need for unique scale to compete in the modern streaming environment. He added that Oaktree will continue to back Radial’s management with capital for both organic and M&A-driven growth.
The combined FilmRise-Shout! footprint will enable Radial to cover a wide spectrum of audience demand, from nostalgic genre series to original co-productions and syndicated digital-first content. FilmRise’s catalog includes “Forensic Files,” “Unsolved Mysteries,” and original productions like “Bloodline Detectives” and “The Interrogation Room.” Shout! adds cult-favorite IPs and established franchise distribution relationships that give Radial a deeper bench and broader market appeal.
This is a play for control of the middle tier of streaming content: evergreen IP, genre fare, and library programming that monetizes across free and paid platforms. By combining operations and aligning under a single management team, Radial is positioning itself as a must-have partner for platforms and rights-holders looking to scale monetization in a fragmented media environment.
Financial terms of the deal were not disclosed, but the strategic intent is unmistakable. This isn’t a quiet consolidation. It’s a signal to the market that Oaktree sees value in volume and is ready to keep acquiring.
