Former Disney execs Kevin Mayer and Tom Staggs have made their second major acquisition for their new Blackstone-backed content venture.
Their company has acquired Moonbug Entertainment Ltd., the parent company of the kids shows CoComelon and Blippi, it said Thursday evening. Terms of the deal were not disclosed, but Bloomberg pegged the value of Moonbug at $3 billion.
Moonbug’s founders, CEO René Rechtman and COO John Robson, as well as its existing management team and shareholders, will retain equity stakes in the Blackstone-backed media company.
“John and I have built a category-leading, digital-first kids entertainment business based on strong values and content that is focused on digital platforms,” Rechtman said in a statement. “Our vision is to build global family franchises, which is wholly aligned with Kevin and Tom’s vision and experience. I have had the pleasure of working with them both earlier in my career and am thrilled to be reunited to build the next global powerhouse of entertainment. You could not find stronger partners in our industry.”
“We have known René and his innovative team for years, including during our time together at Disney, and they have built a perfect example of the type of category-defining business we are looking to bring into our company,” Staggs and Mayer added in a joint statement. “They know how to identify and support brands that are beloved by millions of families across the globe. We and our partners at Blackstone look forward to helping expand Moonbug’s portfolio of titles and further extend its franchises across digital platforms and key licensing and merchandising channels.”
The acquisition is the second major deal this year for the content company, which is being bankrolled by the private equity giant. In August they purchased a controlling stake in Reese Witherspoon’s Hello Sunshine, valuing that company at more than $900 million. They subsequently held talks with Will Smith and Jada Pinkett-Smith’s Westbrook Inc.
Mayer has said that he and Staggs are in the market pursuing “category-defining businesses and brands,” saying at a conference in September that “The bond between creators and their followers is very emotional and deep and it can be mined for a lot of opportunity.”
“So, I like the idea of taking television and movie product and extending that relationship into social media and trying to engender new revenue streams,” Mayer added.
"sold" - Google News
November 05, 2021 at 04:58AM
https://ift.tt/3o0DnfL
‘CoComelon’ Owner Sold to Kevin Mayer and Tom Staggs Venture In $3B Deal - Hollywood Reporter
"sold" - Google News
https://ift.tt/3d9iyrC
https://ift.tt/3b37xGF
Bagikan Berita Ini
0 Response to "‘CoComelon’ Owner Sold to Kevin Mayer and Tom Staggs Venture In $3B Deal - Hollywood Reporter"
Post a Comment