Inside a Year of Chaos at Kevin Hart’s Media Company

Summary

Bloomberg Businessweek Podcast Summary

Episode: Inside a Year of Chaos at Kevin Hart’s Media Company

Date: May 22, 2026
Hosts: Carol Massar & Tim Stenovec
Guest: Lucas Shaw (Managing Editor, Media & Entertainment, Bloomberg News)

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Episode Overview

This episode delves into the tumultuous year endured by Kevin Hart’s media venture, Heartbeat. Lucas Shaw, the journalist who reported on the saga, joins hosts Carol Massar and Tim Stenovec to discuss the intersection of celebrity ambition, media industry shifts, and company mismanagement. The conversation also explores Netflix's expanding content and live event strategy, the evolution of video podcasts, and broader trends in the digital entertainment sector.

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Key Discussion Points & Insights

1. The Rise and Stumble of Kevin Hart’s Heartbeat (02:43–06:18)

• Hart’s Entrepreneurial Vision

  • Hart, beyond his roles as actor, stand-up, and producer, envisioned a broader media empire.
  • Structured two companies: a traditional production unit and a digital-first, brand/marketing entity aimed at YouTube and streaming.
  • "He raised some money from private equity that valued the firm at about $650 million...at sort of the peak of the streaming boom." — Lucas Shaw (04:16)
  • Sought to emulate successes like Reese Witherspoon or LeBron James, expecting his multi-faceted portfolio to deliver similar outcomes.

• Ambition vs. Reality

  • Intent: Build a company not solely reliant on Hart’s own celebrity activity.
  • Outcome: The firm never achieved self-sustaining scale and had to significantly pare down after industry headwinds and internal missteps.
  • "The company never quite got to a place where it could sustain and grow to the scale that he wanted on its own." — Lucas Shaw (06:07)

• Fundamental Challenges

  • Tension between using the celebrity “patron saint” for deals versus building an independent brand.
  • Industry factors (pullback in streaming spending, competition) combined with internal confusion and resource mismanagement.

2. What’s Next for Heartbeat? (06:18–07:05)

• Potential Dissolution or Absorption
  • Most industry watchers expect Heartbeat to either disappear or be folded into Hart’s new deal with Authentic Brands Group (ABG).
  • ABG specializes in acquiring or managing enduring celebrity brands (e.g., Brooks Brothers, Shaquille O’Neal).
  • “I think people think that they'll either eventually fold Heartbeat into ABG or just, you know, wind it down.” — Lucas Shaw (06:57)

3. Reporting on Heartbeat’s “Year of Chaos” (07:05–08:26)

• Examples of Internal Turmoil
  • Promised podcast slates never materialized; staff hired then fired before projects launched.
  • Key personnel left to start their own ventures—Heartbeat responded with firings and lawsuits.
  • Blurred lines between Heartbeat’s business and side-ventures of top lieutenants, notably Jeff Clanagan.
  • Kevin Hart at one point changed his phone number post-layoffs, further straining staff contact.
  • Promised renewed CEO involvement and company turnaround never materialized.
  • “After they fired a bunch of people, Kevin Hart changed his phone number so that it made it harder for some of the people to reach him.” — Lucas Shaw (08:10)

4. Industry Trends vs. Management Issues (08:26–08:57)

• Both external industry headwinds and internal company issues hastened Heartbeat’s struggles.
  • “If the industry had not entered a new, more precarious period, then some of these flaws would have taken longer to come to the surface. But I think the flaws were there regardless.” — Lucas Shaw (08:44)

5. Netflix & the Future of Video Podcasts (09:11–12:58)

• Netflix: From Streaming Platform to 'Cable 2.0'

  • Discussion of the Kevin Hart Roast on Netflix, audience numbers (13.5 million), and comparison to the Tom Brady Roast.
  • Expansion into live events and appointment viewing signals a shift toward being a comprehensive content provider.
  • “They would like to have anything you could, could ever want to watch on their service right from morning to evening...” — Lucas Shaw (09:54)

• Live Content Experiments

  • Netflix’s move to host live versions of popular radio shows (e.g., The Breakfast Club) as video podcasts.
  • Attempt to fill content for all time slots, akin to daytime TV.

• Video Podcasting: Engagement & Revenue

  • Podcast advertising revenue has soared, with much growth attributed to video.
  • Many listeners use video podcasts passively, as background “TV.”
  • “I don't think a lot of people are actively watching Joe Rogan. I think they just pull it up and put it on... much as television has long been background noise for people, so is Rogan.” — Lucas Shaw (11:59)

• Monetization & Engagement

  • Video consistently outperforms audio for ad revenue and engagement.
  • Audio retains strong audience bonds, but video “takes that to another level.” — Lucas Shaw (12:37)

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Notable Quotes & Memorable Moments

• On Celebrity-First Companies:
  “There's a fundamental tension with any of these celebrity companies between the needs, ambitions and time of their patron saint, their namesake and the company.” — Lucas Shaw (05:18)

• On Netflix’s Content Ambitions:
  “They would like to have anything you could, could ever want to watch on their service right from morning to evening...maybe not news because they've been Wary of going too far into news because of politics.” — Lucas Shaw (09:53)

• On Podcast as Background Media:
  “I don't think a lot of people are actively watching Joe Rogan. I think they just pull it up and put it on. And much as television has long been background noise for people, so is Rogan.” — Lucas Shaw (11:59)

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Timestamps for Key Segments

• 02:43–06:18 — Origin and growth ambitions of Heartbeat; early decisions and valuation.
• 06:18–07:05 — Outlook for Heartbeat and the Authentic Brands Group deal.
• 07:05–08:26 — Real-life examples of management chaos and personnel upheaval.
• 08:26–08:57 — Balancing internal and external causes for Heartbeat’s struggles.
• 09:11–10:19 — The Kevin Hart Roast and Netflix’s live event push.
• 10:19–12:24 — Rise of live video podcasts, Netflix’s evolving strategy, platform comparisons.
• 12:24–12:58 — Video vs. audio podcast monetization and engagement.

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Conclusion

The episode offers a candid look at the difficulties facing Hollywood celebrities who try to build lasting multimedia businesses amidst a rapidly changing media landscape. Insights into the operations and internal fissures of Kevin Hart’s media company are balanced with wider industry shifts, including Netflix’s evolution and the growing importance of video podcasts.

For more on media business trends, listen to the full episode or read Lucas Shaw’s work in the Screen Time newsletter (Bloomberg).

Transcript

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Bloomberg Audio Studios Podcasts Radio News.

[Carol Massar]

You're listening to Bloomberg Business Week with Carol Massar and Tim Stanovec on Bloomberg Radio. Usually when we talk to Lucas Shaw, he's out there in sunny California, but we brought the bad weather for you.

[Lucas Shaw]

No, this is great. I mean, the rain not so much. Yeah, but the cool. I prefer the temperate climate of Today to the 90s of earlier this week.

[Carol Massar]

Yeah, you and me both. I mean, and it's going to be a brutal summer, if you know, earlier this week was any indication of what's going to happen. Lucas Shaw is Bloomberg News Managing Editor, Media and Entertainment. He's also the writer of the Screen Time newsletter, which you should subscribe to if you do not subscribe to it yet. He also is the guy behind the Screen Time event Every year in Hollywood happens in October. I imagine there are still tickets available because it is only May right now.

[Lucas Shaw]

Haven't announced our speakers yet.

[Carol Massar]

Haven't announced speakers, but the event is in full swing and it's still happening in October.

[Lucas Shaw]

September 30th, October 1st. We will announce our first drop of speakers next week, I think five, six, depending on how you do the math. It's a good group. Continuing in our tradition of mixing the biggest executives with the biggest creative people across the business of culture.

[Carol Massar]

Yeah, I mean if we just remember who that some of the people were who were there last year. I mean, you had a great interview with Jimmy Kimmel. Netflix's co CEO Greg Peters was on David Ellison as well.

[Lucas Shaw]

DAVID ELLISON COOGLER DIRECTOR of, of Sinners Blank in on that for a second.

[Carol Massar]

But yeah, so well, we're looking forward to that. We're going to be broadcasting from it again. Before we get there though, there's a lot we want to talk to you about and we've been trying to get you on the program over the last week or so to talk about the Kevin Hart feature.

[Lucas Shaw]

Yeah.

[Carol Massar]

That you did about the, about Kevin Hart's empire and the way that it's kind of gone over the last couple of years or so. Just give us some background on what he wanted to do entrepreneurially and then what ended up happening. What you found?

[Lucas Shaw]

Well, Kevin Hart has always been one of the more entrepreneurial, creative people in Hollywood. So you know, he, in addition to being an actor and a standup and a producer, he started a couple different companies, one of which was a kind of more traditional production company, one of which was more focused on building a kind of online brand with YouTube and free streaming channels. And there was a marketing component and a few years ago he tied that all together under the umbrella of Heartbeat. He raised some money from private equity that valued the firm at about $650 million. This was, keep in mind, at sort of the peak of the streaming boom. It was the same year that Reese Witherspoon sold her company at a valuation of about 900 million that LeBron James raised money for his company at a valuation I think 725. And Kevin Hart was like, I've got more going on than these people. Why can't I do it myself? You know, named one of his executives as the, as the CEO and really had kind of grand ambitions of running this multi pronged company that would build much more than was just him. Didn't depend on him for everything and you know, never really turned out the way that he wanted. Now, part of that was industry dynamics. He, the studios and streaming service started pulling back on spending and then there was more competition in the free streaming space. But then part of it was also kind of mismanagement. And I think there's a fundamental tension with any of these celebrity companies between the needs, ambitions and time of their patron saint, their namesake and the company. And so if you're Kevin Hart and you can get these brand deals and you're funneling them through Heartbeat, cause that gives them money and then you're trying to build that brand business. But if that brand business doesn't become some self sustaining entity that's doing deals with a lot of other celebrities, you start to just feel like, well, maybe they're just taking money out of my pocket because I could. The brand is going to give me $10 million either way, why don't I take all 10 instead of giving my company 5? Or if I'm producing a movie, if I'm starring in a movie, do I need this company producing it? Do I need to have a podcast operation? I think he was someone who likes to play in all these different spaces, but the company never quite got to a place where it could sustain and grow to the scale that he wanted on its own. And so it's had to pretty dramatically pare back its ambitions over the last couple of years.

[Tim Stanovec]

Yeah. So what's next for Heartbeat?

[Lucas Shaw]

Well, most people think it's gonna go away or that it will be folded into this new venture. He did a deal with Authentic Brands Group, which sort of. This collector of dying brands might be harsh, but they buy up Brooks Brothers and Sports Illustrated. But they also do deals. They've also been very good at strik advantageous deals with celebrities like David Beckham and Shaquille o' Neal and Marilyn Monroe, where they sort of manage an estate and the kind of the likeness business of a famous person. And so Kevin Hart did that. A lot of the businesses that ran through Heartbeat now run through that ABG deal. And I think people think that they'll either eventually fold Heartbeat into ABG or just, you know, wind it down.

[Tim Stanovec]

In your story, the title is Inside a Year of Chaos. Can you tell the listeners about maybe one example of some of the chaos that ensued that your reporting uncovered?

[Lucas Shaw]

It was everything from promising to do things. They hired these people to build a podcast slate. They didn't end up approving any of the slate. They then fire some of the people who are supposed to be making the podcast before they start Making them the people who are supposed to be assembling that slate, then decide to go off and start their own company. Heartbeat finds out, fires them, and sues them for theft of trade secrets. And one of the people who did that was this guy, Jeff Clanagan, who had set up several of his own businesses that he sort of like. The relationship between them and Heartbeat is a little bit unclear. There's like an AI video business. There's a promotion business. Some people say they're totally separate from Heartbeat, but he uses Heartbeat resources to prop them up. Some people say that he, that they're part of Heartbeat. You know, there was, you know, after they fired a bunch of people, Kevin Hart changed his phone number so that it made it harder for some of the people to reach him. You know, he had previously said he was coming back as CEO and was going to lay out a strategy that never really happened.

[Carol Massar]

So how much of the story is about problems that Kevin Hart experienced at his, at this company versus the, the landscape and the way it shifted in just a couple of years?

[Lucas Shaw]

I think it's both like, if the industry had not entered a new, more precarious period, then some of these flaws would have taken longer to come to the surface. But I think the flaws were there regardless.

[Carol Massar]

Okay, let's shift gears and talk a little bit about some of the other stories that you published recently. Perhaps a good segue is to talk about the Kevin Hart Roast, which I actually have not been able to see, but everybody apparently watched this on Netflix.

[Lucas Shaw]

You're doing ok. It wasn't as good as the Tom Brady Roast.

[Carol Massar]

The Tom Brady roast was amazing, but

[Tim Stanovec]

13.5 million viewers, not bad.

[Lucas Shaw]

Yeah. Not as big as the Brady Roast, but still the most watched show in the world on Netflix last week. Probably the most watched show of anything. That's not sports.

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[Carol Massar]

Let's take a step back there and talk that. First of all, we're talking about ratings on Netflix, which a few years ago would have just been bonkers. We're talking about live events and appointment viewing in sports on Netflix. You've talked a lot with, with Ted Sarandos and Greg Peters in the past. Reed Hastings, too, about the content strategy at Netflix. Is this, is this turning into a company that is, is trying to be everything, like essentially trying to be cable TV all over?

[Lucas Shaw]

Yeah. They would like to have anything you could, could ever want to watch on their service right from morning to evening from, you know, live on Demand, sports talk, maybe not news because they've been Wary of going too far into news because of politics. Yeah, it's just. It's an invitation for scrutiny, especially if you're global. You know, the way that news is handled in the US Is very different than in many of the other countries that they operate in.

[Carol Massar]

That's a good point.

[Lucas Shaw]

You know, they've gotten in trouble just for topical humor in some of those countries, like in Saudi Arabia. So, you know, they announced a deal this morning, actually, where they already had the popular radio show the Breakfast Club as a video podcast on the service. Now it's going live. You see Netflix trying to fill out so that they have something for people to watch all day.

[Carol Massar]

That's very YouTube to go. Like a live video podcast. Yeah, well, that's how people watch Joe Rogan, for example, if they're.

[Lucas Shaw]

Yeah, well, the video podcast is very YouTube. The live part. YouTube doesn't. I mean, they do increasingly more live, but not. I view it as Netflix's answer to sort of daytime talk on television. They don't really like the View or, you know, Jerry Springer back in the day. Like, they don't really have something for people to watch at 10am and that's something that Charlemagne the God hopefully helps them figure out.

[Tim Stanovec]

When you listen to a podcast, do you guys watch the video element of it?

[Carol Massar]

Like, I don't ever watch the video.

[Tim Stanovec]

Is it a. Is it. Are people watching the videos or is this. I do not watch the content companies want.

[Lucas Shaw]

I do not watch the videos. There are people who. Who do watch the videos. And there was actually just a report that my colleague. Our colleague Ashley wrote about. I guess we both wrote it, but it was a report from this company, Allen Company, about how podcast revenue reached, like, 9.2. I want to say billion.

[Tim Stanovec]

2 billion.

[Lucas Shaw]

And it was a lot of that was because of growth in video. Now, I'm of the opinion that a lot of people just put the video on in the background. Like you mentioned Joe Rogan. You know, I don't think a lot of people are actively watching Joe Rogan. I think they just pull it up and put it on. And much as television has long been background noise for people, so is Rogan,

[Carol Massar]

by the way, I want to state the obvious and say a lot of people are watching us right now are listening to us on YouTube, which is the video. You know, hello, YouTube. Hello, YouTube. Okay, before we let you go, you mentioned that Owl and co study. This is so much more lucrative than just audio only. And that's what appeals to the podcast creators and then also to the advertisers right?

[Lucas Shaw]

Well, it's both. It's that to your question, there is a, a part of the audience that wants to watch and so they are trying to satisfy that. And then it's yes. I mean video has always monetized better than audio. It's more compelling and engaging. Now I question that a little bit with podcasts only because I know from my own experience at least podcast versus text, you know, the the listener feels a far more immediate connection to you listening to you than they do reading you. I'm sure with, you know, video takes that to a another level. But audio is pretty useful.

[Carol Massar]

We certainly agree with that. Good place to end. Lucas Shaw, Bloomberg News Managing Editor for Media and Entertainment. He's also the writer of the Screen Time newsletter. Comes out every week. You should subscribe to it on the Bloomberg terminal [e-mail] if you haven't already. Remember what it's free.

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[Carol Massar]

If you want more Lucas, you can get more Lucas for free. This is Bloomberg.

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