European Roll-Up Market Report – March 2025

This month’s case study: Mediawan

Mediawan is one of Europe’s independent audiovisual content studios. The Group brings together the talents in audiovisual creation by being present across the entire value chain. Founded in 2015 in Paris, France, the company employs over 1,000 FTE.

Since Atwater Capital invested in Mediawan in 2021 as part of a private equity funding round, Mediawan has acquired 7 companies since 2022. 

Mediawan’s most recent acquisition, publicized in March 2025, was the acquisition of See-Saw Films.

Founded in 2008 in London, UK, See-Saw Films is a multi-award-winning film and television production house, known for its Oscar®, Emmy, and BAFTA-winning productions, in-house sales arm Cross City Films, and strategic joint ventures in content creation.

PEs drive consolidation in the European Media & Entertainment (M&E) industry

The case of Mediawan demonstrates that  PE firms are actively driving consolidation in the M&E industry, leveraging content ownership, digital transformation, and scalable platforms to maximize long-term value.

Relevant PE-investors and investments into the M&E industry include:

• SURJ Sports Investments’ investment in DAZN (2025)
• EQT’s investment in Keywords Studios (2024)
• Redbird Capital Partners’ investment in All3 Media (2024)
• KKR’s investment in Skydance (2022)

Two PEs, both, Atwater Capital and KKR, are involved with Mediawan, which was merged with LEONINE Studios:

• Atwater Capital focuses exclusively on investments within the M&E sector, leveraging its financial and operational expertise to drive the growth of Atwater’s portfolio companies. In 2021, Atwater invested in Mediawan SA, which has since acquired 7 smaller M&E companies during its PE co-ownership.
• Together with KKR, Atwater also invested in LEONINE Studios, which was formed through the merger of four media companies and has since engaged in several additional acquisitions within the sector. In 2024, as part of a merger, LEONINE Studios was integrated into Mediawan, significantly expanding Mediawan’s footprint in the European M&E industry. Mediawan’s acquisition of See-Saw Film marked its first acquisition since this merger with LEONINE.
• The evolution of Mediawan exemplifies PE’s role in driving consolidation within the M&E industry, as investors actively support the integration of smaller companies to create larger, more competitive entities.