Moonbug Entertainment the company behind the wildly popular childrens show Cocomelon has been acquired by Kevin Mayer and Tom Staggs unnamed media venture. Though the terms of the deal were not made public Bloomberg reports that the pricetag was $3 billion.
This marks the second acquisition for the former Disney execs company which is backed by private equity firm Blackstone Group Inc. In August Mayer and Staggs purchased Reese Witherspoons Hello Sunshine production banner for $900 million.
Moonbugs founders René Rechtman and John Robson, will retain equity stakes in Mayer and Staggs company in addition to Moonbugs management team.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 Mayer and Staggs said in a 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 Moonbugs portfolio of titles and further extend its franchises across digital platforms and key licensing and merchandising channels. Rechtman added 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. Our vision is to build global family franchises which is wholly aligned with Kevin and Toms 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.
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