Todd Spangler NY Digital EditorCandle Media, the next-gen media roll-up play run by ex-Disney execs Kevin Mayer and Tom Staggs, announced the acquisition of ATTN:, a media company that produces short-form news content for Gen Z and millennial audiences.Financial terms weren’t disclosed.
According to a source familiar with the pact, Candle Media is paying about $100 million for ATTN: in cash and stock; the deal could be worth up to $150 million with additional earn-out provisions.
The transaction is expected to close within 30 days.Candle said it will help provide capital, scale and expertise to accelerate ATTN:’s growth across social media, TV and streaming services, in addition to growing its publishing, brand studio, creative strategy and agency services.
ATTN: co-founders Matthew Segal and Jarrett Moreno, along with the company’s existing senior management team, will continue to oversee day-to-day operations, original content and production.Candle Media, formed last year and backed by private-equity firm Blackstone, has announced three other acquisitions to date: Kids’ content aggregator Moonbug Entertainment in December 2021 for $3 billion; Reese Witherspoon’s Hello Sunshine for $900 million; and Faraway Road, producer of Netflix’s “Fauda,” for under $50 million.
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