Ardent Leisure Group, the parent company of Main Event Entertainment, recently announced that RedBird Capital Partners will acquire a minority stake in the business in exchange for an $80 million investment.
According to the Dallas News, RedBird chose to invest in the Dallas-based Main Event because of its background in building companies in the sports and live entertainment industries, said Gerry Cardinale, founder and managing partner of RedBird. Some of its portfolio already includes the YES Network, which broadcasts New York Yankees games, and Skydance Media, which owns film franchises like Mission Impossible, Star Trek and Terminator.
“When we see how Main Event has built its business and the role that it has in the Dallas community, we see a lot of similarities to the kind of companies that we have been successful in building in sports and entertainment,” Cardinale said. The investment gives RedBird a 24.2% stake in the company (meaning Main Event is valued at $424 million); it can also acquire an additional 26.8% between July 2022 and July 2024, which would give it the majority position.