Kevin Hart Takes Over as Hartbeat CEO Amid Layoffs and High-Profile Exec Departures, Sparking Rumors of Internal Drama
Hart’s estimated net worth is $450 million.
The “Borderlands” actor will celebrate his 46th birthday in July. The Philadelphia native has been on the road since last year for his “Acting My Age” comedy tour, which, despite rumors of low ticket sales relegating him to smaller venues, is set to head overseas in the spring 2025.
Hartbeat was formed in 2022 after the merger of Hart’s Lough Out Loud (LOL) network, which focused on the development of online streaming content, and HartBeat Productions. The business maneuver saw Hart pull in $100 million from private equity investor Arby Partners, which now owns 15 percent of his company.
According to Business Insider, the company had a valuation of $650 million at the time. LOL president and CEO Thai Randolph was tapped as CEO but parted ways with the company in November 2023. The chief financial officer, chief content officer, and a reported 20 advertising staffers also exited before the start of 2024.
Kevin Hart says he plans to become a BILLIONAIRE by 45
pic.twitter.com/RHHAhtsuxJ
— 2Cool2Blog (@2Cool2BlogTV) November 29, 2021
Amid the effort to downsize, former Warner Bros executive Jay Levine has helmed the CEO post for the past year, though he and at least two more leaders are said to be making departures in the future.
On the company’s site, Hart remains listed as its chairman and Levine as the chief executive officer. The entertainment entity’s recent projects include “The Roast of Tom Brady,” 2023’s “Comic View” revival, and Hart’s Netflix heist film “Lift,” to name a few.
However, BI suggests that a second merger, much like LeBron James and Maverick Carter’s Springhill merger with Fullwell 73, or a second wave of departures, may be necessary to stabilize Hartbeats’ finances. Online critics have other thoughts.
Taking y’all behind the scenes of @KevinHart4real’s VIP Sunday Funday Sneak Peek of Hart House Hollywood. The new all vegan fast food restaurant (first with a drive thru) will open on May 23. @LAmag @LAMagFood pic.twitter.com/UCf7spnwMG
— Madison Brodsky (@MadisonBrodsky) May 8, 2023
“Kevin, cut your losses , take your money, and stick to comedy,” a commenter warned.
Several others suggested that the workplace atmosphere may be toxic.
One such comment reads, “Well K Hart ain’t W Buffett. He’s got ego issues. Like some have said on this thread, he gotta pay folks (more than a p@uper’s w@ge). CEO’S don’t work for peanuts.”
Of all the hot takes, only one person dished business advice. That individual typed, “Better have a forensic audit of the books ASAP Kevin.”
News of Hart’s business strife comes months after he suddenly shuttered his Hart House restaurants in Los Angeles and just weeks after “Straight From the Hart,” his radio show with friends Harry, Wayne, Na’im, Joey, and Spank, all affectionately known as The Plastic Cup Boyz, ended their six-year partnership with SiriusXM.
“Unfortunately our time with @siriusxm has come to an end, we appreciate y’all rocking with us, laughing with us and supporting us throughout the years. As this chapter ends we are looking forward to beginning the next phase,” the group shared in a November message to fans.
Their final episode was broadcast on Dec. 20.
