Former AOL Time Warner chairman Steve Case has announced his latest venture: a new investment fund dubbed Revolution that has acquired Wisdom Media Group's television/radio network, which is devoted t
(The Hollywood Reporter) -- Former AOL Time Warner chairman Steve Case has announced his latest venture: a new investment fund dubbed Revolution that has acquired Wisdom Media Group's television/radio network, which is devoted to health and wellness topics.
Case, who will be chairman/CEO of Revolution, will provide the company's initial $500 million in capital. The goal of the Washington-based company is to "give consumers more choice, more control and more convenience in the important aspects of their lives -- and build significant, transformative companies in the process."
Revolution said it will look to acquire controlling interests in companies with an eye toward building them for long-term growth, with initial acquisitions in the areas of consumer-driven health care, personal wellness/healthy living and resorts/real estate, though the company expects to expand into other sectors that are "ripe for change."
Regarding Wisdom, Case plans to expand the property into a new, multiplatform lifestyle company, with a presence in such media as TV, satellite radio, the Internet, video-on-demand and DVD. Revolution already has plans to rebrand and relaunch Wisdom, founded in 1998, over the next several months.
"There is a cultural shift in values toward a life more in balance," Case said. "The category hasn't yet hit its tipping point, but Wisdom Media is an attractive vehicle for reaching and uniting a now-fragmented audience that already accounts for $230 billion in annual consumer spending."