Candle Media, the brand new media firm headed by former Disney execs, Kevin Mayer and Tom Staggs, has made one other acquisition — this time with an eye fixed on social storytelling and reaching a Gen Z to Millennial viewers. The corporate introduced right now it’ll turn out to be the brand new proprietor of ATTN:, a media firm that makes use of leisure to debate topical points that assist clarify the world to a youthful viewers — notably those that eat content material on social media.
Of be aware, ATTN: additionally launched its personal TikTok studio final yr to offer manufacturing companies for manufacturers that wished to achieve the TikTok consumer base. Shoppers on that effort have included big-name manufacturers like Google, Madewell, MTV, and even TikTok itself, which partnered with ATTN to handle its personal “TikTok for Good” channel. That deal was not too long ago renewed for a second yr.
Candle defined its curiosity in ATTN: needed to do with the corporate’s capacity to successfully interact a social viewers.
“ATTN: has a deep, digital-native understanding for the way to lower by way of the noise and attain right now’s audiences by way of partaking content material on social media. We’re excited for them to hitch Candle and supply the advantages of their gifted staff’s experience throughout our manufacturers and franchises,” learn an announcement by Candle co-CEOs, Mayer and Staggs.
Launched in 2014, ATTN: has created authentic sequence for Fb, Instagram, TikTok, YouTube, and Twitch, along with networks ABC, NBC, CBS, MTV, Freeform, and Discovery in addition to for streaming companies like Hulu and Apple TV. Its model studio and company have relationships with corporations like Amazon, Ford, Google, Intel, Mattel, P&G, Goal, and T-Cellular.
The acquisition provides ATTN: scale, capital, and experience to speed up its progress, Candle Media mentioned in a press launch. ATTN: co-founders Matthew Segal and Jarrett Moreno, together with the present senior administration staff, will proceed to supervise day-to-day operations, authentic content material, manufacturing, and studio work, the announcement mentioned.
Selection experiences the deal for ATTN: is round $100 million in each money and inventory, however might be value as much as $150 million with further earn-out provisions. Candle has not commented on this.
Blackstone-backed, L.A.-based Candle Media was based with an eye fixed on aggregating manufacturers to construct an impartial media operation — a rarity at a time when most media corporations are actually working their very own streaming companies.
In an interview with Deadline, Mayer defined that Candle’s lack of a streamer was an necessary a part of its technique, because it believes demand for content material itself goes to develop “extraordinarily robustly” within the months forward.
After coming onto the scene final yr, the corporate has been making a number of high-profile acquisitions, together with that of children content material firm and “CoComelon” proprietor Moonbug for $3 billion; “Fauda” maker Faraway Street Productions for someplace south of $50 million; and Reese Witherspoon’s Hi there Sunshine for round $900 million.
Candle has additionally been hiring, having not too long ago added former UTA and Disney execs as its chief improvement officer and CFO.
The corporate says it expects the deal for ATTN: to shut in 30 days’ time.