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Candle Media hires Moelis & Co

Feb 26, 2024
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Illustration: Eniola Odetunde/Axios

Candle Media, the Blackstone-backed media rollup led by former Disney executives, has hired Moelis to help the company seek deals.

Why it matters: The appointment of the eponymous M&A advisory firm likely indicates that Candle has some big plans ahead, albeit unclear what at the moment.

Zoom in: Candle hired Moelis "to explore specific potential acquisitions in the live action content space in order to give the company greater scale and operating efficiencies," a spokesperson tells Axios.

  • That's "the only reason" the firm was hired, the spokesperson said, rejecting the original Puck report that the move is tied to financial turmoil at Reese Witherspoon's production company, Hello Sunshine, which is part of Candle.
  • Hello Sunshine was on track to deliver only 10% of its expected profit in 2023, Bloomberg reported. Candle acquired the company in 2021 for $900 million, a hefty price paid before the studio strikes and streaming struggles sent valuations tumbling.

Catch up quick: Candle, led by former Disney executives Tom Staggs and Kevin Mayer, closed a series of acquisitions from 2021 to 2022. It addition to Hello Sunshine, it acquired CoComelon creator Moonbug Entertainment in 2021.

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