Candle Media, the new media aggregator backed by Blackstone and led by former Disney CEOs Tom Staggs and Kevin Mayer, is taking over ATTN: Digital Media Company Focusing on social change content for Millennials and Generation Z.
why does it matter: The deal gives ATTN: capital and access to Candle portfolio companies and creator relationships to help the company expand. It gives Candle access to a brand that has experience reaching a smaller, socially active audience.
details: Sources close to the deal say Candle paid about $150 million for ATTN: in a cash and stock deal. ATTN: A profitable and profitable business from original content licensing, consulting, and production of branded content.
- ATTN: The current senior management team, including founders Matthew Segal and Garrett Moreno, will continue to oversee ATTN’s day-to-day operations. Segal and Moreno previously co-founded a voter nonprofit called Our Time prior to launching ATTN:.
- the information reported in January That candle and ATTN: They were having conversations.
be clever: ATTN: The focus on social change has become attractive to advertisers looking to send messages about their CSR efforts through branded content.
- In the past few years, it has been Advertising sector It has grown significantly in response to brands that want to speak frankly about issues such as climate, health and the economy during the pandemic.
Quick catch up: Founded in 2014, ATTN has distinguished itself by focusing on videos about causes that go viral on social media.
- These videos often feature prominent political voices, such as Michelle Obamaand Joe Biden and Valerie Jarrett, ATTN Board Member.
- I recently produced a viral video of former California Governor Arnold Schwarzenegger urging Putin to stop the war in Ukraine. The video has been viewed millions of times online and reposted by many news outlets.
ATTN: Benefited greatly From the wave of social good initiatives throughout the pandemic and the 2020 elections.
- The company struck a 7-figure deal with TikTok to produce videos for a new initiative called “TikTok for Good” last year. She also created TikTok Studio which brings brands and influencers together to create content for the platform.
- He. She Partnership with Instagram in 2020 to produce a list of memes, reels, stories and videos that encourage young people to vote.
- ATTN: I’ve worked with major TV networks like NBC and ABC to do live specials on topics like voting and COVID.
In numbers: ATTN: It raised $37 million across three funding rounds, according to Crunchbase. Most of its funding comes from venture capital firms.
- company Starch $15 million in 2018 on a tour led by Evolution Media. It raised $18 million in 2016 in a round led by TPG via Evolution Media Partners.
what are they saying: “ATTN: has an original digital understanding of how to bypass noise and reach today’s audience by engaging content on social media,” Mayer and Staggs said in a statement.
- “Partnering with Kandel and its growing and talented team of innovators will allow us to advance this mission in a whole new way, accelerate our growth and reach more people with what we create,” said Segal and Moreno.
The Big Picture: It’s the latest in a series of recent acquisitions by Candle to invest in companies that produce original intellectual property rights.
- Powered by Blackstone, Candle acquires film and digital production companies In the past year, including Faraway Road Productions, the content studio behind Fauda, Moonbug Entertainment, the UK-based digital content company that produced Cocomelon, and Reese Witherspoon’s Hello Sunshine production company.
- earlier this year, Candle bought a minority stake At Will Smith and Jada Pinkett Smith’s entertainment company, Westbrook Inc.
What’s NextThe deal is expected to close within the next month.