What smart money is saying about CuriosityStream Inc.
CURI
No fund has written a full thesis on CuriosityStream Inc. in our archive, but 1 fund letter reports a position in it, most recently Overstone UCITS Global Smaller Companies Fund in December 2025.
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1
Reported positions
0
Bought
1
Sold
1
Letter
Position history
Every position in CuriosityStream Inc. on record in the archive was reported in Q4 2025, across 1 fund letter, with 1 sell (trimmed or exited).
| Quarter | Letters | Bought | Sold | Theses |
|---|---|---|---|---|
| Q4 2025 | 1 | 0 | 1 | 0 |
Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.
Fund activity · 1 position · 1 move
- December 2025
“In 2015, John Hendricks, the founder of Discovery Communications, launched CuriosityStream, an online streaming company focussed on factual content. The company went on to spend over $300m building a library of thousands of hours of content and adding millions of subscribers; profitability, however, remained elusive. At the start of 2024, at an enterprise value of just $30m, the company gave up pursuing growth and instead began ‘harvesting,’ dramatically reducing its investment in content and focussing on free cash flow. We made our investment following this pivot on the basis that it traded on three times free cash flow with the tax losses worth many multiples of the enterprise value. Thanks to a bit of good fortune, the company was particularly well positioned when large language model (LLM) providers started to focus on video. Their fact-based, high-quality, and richly annotated videos with clean verifiable and ethically sourced data were ideal for training AI models. In addition, the LLMs did not wish to deal with multiple suppliers so CuriosityStream became the aggregator of choice. The multi-million- dollar licensing deals, which management believe will be semi recurring, resulted in the company returning to growth. Following a strong share price performance, we exited the strategy’s position.”
CuriosityStream Inc.
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