The Raine Group
| Company type | Private |
|---|---|
| Industry | Merchant banking, Investment banking |
| Founded | September 2009 |
| Founder | Joseph Ravitch, Jeffrey Sine |
| Headquarters | New York City , United States |
Area served | United States, Europe, Asia |
Key people | Joseph Ravitch (investment activities), Jeffrey Sine (advisory operations) |
| Products | Investment banking advisory services, private equity investments |
| Owner | Mubadala Investment Company (9% stake), SoftBank Group (minority stake) |
The Raine Group, commonly known as Raine, is an international merchant bank concentrating on the technology, media, and telecommunications (TMT) industries. Its distinguished clientele encompasses Endeavor, SoftBank Group, WWE, and Ultimate Fighting Championship. Additionally, Raine maintains involvement with multiple Premier League football teams. The company has established offices across the United States, Europe, and Asia.
Background
Established in September 2009 by Joseph Ravitch and Jeffrey Sine, Raine benefits from their significant expertise—Ravitch previously served as co-head of Goldman Sachs media banking, while Sine was Vice Chairman and head of TMT banking at UBS. The firm's name is derived by combining their last names with an "e" from Ari Emanuel, CEO of William Morris Endeavor and an early investor. One of Raine’s initial landmark transactions involved advising on the merger between William Morris Agency and Endeavor Talent Agency.
In March 2010, Mubadala Investment Company acquired a 9% ownership stake in Raine. The company maintains exclusive partnerships with William Morris Endeavor and investor Theodore J. Forstmann. A minority ownership stake is also held by SoftBank Group.
In April 2023, Raine broadened its market footprint by acquiring Code Advisors, a San Francisco-based boutique investment bank specializing in TMT, further strengthening its advisory platform through a prior cooperative relationship.
Within the firm’s leadership structure, Sine predominantly oversees advisory operations, while Ravitch concentrates on investment activities, illustrating their complementary roles in managing the business.
Advisory
Raine delivers investment banking advisory services centered on the TMT sector, operating under a model akin to that of Allen & Company. It leverages exclusive relationships for deal origination and emphasizes securing repeat engagements with existing clients rather than pursuing new pitches.
Significant advisory mandates include:
- Assisting Playboy Enterprises with its privatization process (March 2011)
- Supporting Softbank Group’s acquisition of Sprint Nextel (July 2013)
- Advising Steve Ballmer on the purchase of the Los Angeles Clippers (August 2014)
- Facilitating the sale of Legendary Entertainment to Wanda Group (March 2016)
- Guiding Ultimate Fighting Championship through its sale to WME-IMG (July 2016)
- Advising Vince McMahon on the revival of the XFL (2020)
- Counseling on the merger between Sprint Corporation and T-Mobile US (2020)
- Assisting Roman Abramovich with the sale of Chelsea F.C. to BlueCo (May 2022)
- Advising on the merger between WWE and Ultimate Fighting Championship to form TKO Group Holdings (September 2023)
- Providing advisory services for the initial public offering of Arm Holdings (September 2023)
Investments
In September 2010, Raine announced it had raised over $300 million for its inaugural private equity fund targeting media enterprises. Contributors included William Morris Endeavor, Forstmann, Masayoshi Son, along with sovereign wealth funds from China, Singapore, and Abu Dhabi. By April 2011, the fund approached $500 million in commitments with additional investors such as WPP plc, Frank and Lorenzo Fertitta, Eric Schmidt, Sean Parker, Terry Semel, Richard Rosenblatt, and Marc Andreessen.
Prominent portfolio investments encompass companies like Vice Media, DraftKings, Jagex, and SoundCloud.