LOS ANGELES, April 12, 2024 (Newswire.com) - Palm Tree Crew (“PTC”), an entertainment, hospitality, and investment holding company, recently closed a strategic investment into Medium Rare, valuing the company at $50 million.
Focused at the intersection of sports and entertainment, Medium Rare partners with iconic athletes, celebrities, and artists to create live entertainment properties. Starting with Shaquille O’Neal and Shaq’s Fun House in 2019, Medium Rare has created and produced some of America’s most viral festivals including Travis Kelce’s Kelce Jam, Guy Fieri’s Flavortown Tailgate, Rob Gronkowki’s Gronk Beach, Dave Portnoy’s One Bite Pizza Festival, Sports Illustrated The Party, and many more. Super Bowl Weekend’s largest event producer, Medium Rare just wrapped up 4x Super Bowl Las Vegas festivals, attracting over 40,000 fans and 50+ brand partners including Pepsi, Anheuser Busch, Cash App Visa, Celsius, Procter & Gamble, Diageo, and dozens more.
“We are thrilled to complete this investment into Medium Rare, a business we have long admired and believe is at the forefront of producing some of the most innovative live events in our industry,” said Myles Shear, co-founder of Palm Tree Crew. “We see significant synergy between Medium Rare’s business and Palm Tree Crew’s ecosystem and are excited to work with Adam and Joe to capitalize on that opportunity together.”
As part of the partnership with Kygo and Myles Shear’s Palm Tree Crew, Medium Rare will partner on select events and festivals within the PTC holding company. Medium Rare and Palm Tree will also work together on developing new festivals and live experiences going forward. PTC operates Palm Tree Music Festival, which was held last year in eight locations including domestic markets such as Aspen, Westhampton, and Dana Point, and international markets such as Sydney and India. Palm Tree Crew also produces events during marquee moments across music, sports and culture like Miami Art Basel, Formula 1, Super Bowl, Coachella, and others.
“Palm Tree Crew adds tremendous strategic value to our live events division and their investment will help fuel the development of new live event properties,” said Joe Silberzweig, Co-Founder of Medium Rare.” “We couldn't be more excited to work hand in hand with Kygo, Myles and the whole Palm Tree Crew team to take their live event division to new heights,” added Medium Rare Co-Founder Adam Richman.
Medium Rare will use the capital to expand and diversify its business. This is the first investment Medium Rare has taken outside of Authentic Brands Group which owns a minority share of Medium Rare Live. Still very much a young company, Medium Rare retains majority ownership as it grows.
About Medium Rare
Lauded events, experiential, and management company, Medium Rare works at the intersection of Sports & Entertainment, partnering with iconic athletes, celebrities, and artists to create live entertainment properties including Shaquille O'Neal's Fun House, Guy Fieri's Flavortown Tailgate, Travis Kelce’s Kelce Jam, Daymond John's Black Entrepreneurs Day, Sports Illustrated The Party, Rob Gronkowski's Gronk Beach, and more. Creating and executing iconic IP and events that draw in millions of views and fans from around the world, Medium Rare also reaps industry accolades, recognized with six Webby Awards, Inc. 5000, Forbes 30 Under 30, Variety New Leaders, Bizbash 40 Under 40, and Pollstar Next Gen awards. The firm’s world-class production is balanced by its growing management division, overseeing careers, tours, and partnership deals for some of the most celebrated artists and athletes, including Gordo (formerly DJ Carnage) and DJ Diesel aka SHAQ. For more info, visit www.Medium-Rare.com.
About Palm Tree Crew
Palm Tree Crew (“PTC”) is a diversified holding company that owns and operates a global live events business, a multi-product investment platform, and a leading cultural consumer brand, all under one unified ecosystem. PTC has built a flywheel of business lines and capabilities that synergistically amplify the broader global PTC brand and bring value to its fans and stakeholders.
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Amanda Brocato
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Original Source: Medium Rare Receives Minority Investment From Palm Tree Crew, Valuing the Business at $50 Million