Media company Candle Media has reportedly planned to acquire ATTN: a Los Angeles-based media company for USD 100 million in stock and cash.
Credible sources reveal that the deal could be worth USD 150 million with the additional provision of earn-outs.
The Blackstone-backed media company stated that ATTN: is capable of effectively engaging a social audience, which piqued its interest in acquiring the company.
The acquisition provides ATTN: with capital, scale, and expertise to fast-track its growth. Jarrett Moreno and Matthew Segal, Co-Founders of ATTN: along with the current senior management team, will continue to supervise daily operations, original content, studio, and production work.
Tom Staggs and Kevin Mayer, former Disney executives and co-CEOs of Candle Media, expressed that ATTN: has an extensive, digital-based comprehension of reaching the right audience through engaging social media content.
Staggs and Mayer are delighted for the LA-based media company to join Candle and offer the expertise of their talented team across franchises and brands.
Founded in 2014, ATTN: created original content for Instagram, Facebook, YouTube, TikTok, and Twitch in addition to networks NBC, ABC, MTV, CBS, Discovery, and Freeform along with streaming services like Apple TV+ and Hulu.
ATTN:’s agency and the brand studio have collaborations with companies like Ford, Amazon, Intel, Google, P&G, Mattel, T-Mobile, and Target.
Co-CEO Mayer revealed that the company’s critical strategy was to acquire a steaming platform as the demand for content is expected to grow significantly over the coming months.
In just a year of its founding, Candle Media has made many high-profile acquisitions. This includes kids content company Moonbug for USD 3 billion; Faraway Road Productions, the maker of ‘Fauda’ for USD 50 million, and Hello Sunshine for USD 900 million.
This year, Candle Media acquired a 10% stake in Westbrook, the media company of Will Smith and Jada Pinkett Smith.