Candle Media Acquires ATTN: in Bid to Reach Gen Z and Millennials
A New Era in Social Storytelling
In a significant move, Candle Media, the Los Angeles-based media company founded by former Disney executives Kevin Mayer and Tom Staggs, has announced its acquisition of ATTN:. This deal marks another major milestone for Candle Media, which aims to become a leading independent media operation. The acquisition of ATTN: is expected to bring in fresh talent and expertise, enabling Candle Media to reach a younger audience and expand its presence in the social media landscape.
What is ATTN:?
Launched in 2014, ATTN: has made a name for itself as a pioneer in creating engaging content for social media platforms. Its brand studio and agency have established relationships with major companies like Amazon, Ford, Google, Intel, Mattel, P&G, Target, and T-Mobile. ATTN:’s original series have been featured on Facebook, Instagram, TikTok, YouTube, Twitch, ABC, NBC, CBS, MTV, Freeform, Discovery, Hulu, and Apple TV.
Why the Acquisition?
Candle Media’s co-CEOs, Mayer and Staggs, explained their interest in ATTN: in a statement. "ATTN: has a deep, digital-native understanding for how to cut through the noise and reach today’s audiences through engaging content on social media." They highlighted the company’s ability to effectively engage with a social audience as the primary reason behind the acquisition.
What’s Next?
The acquisition offers ATTN: scale, capital, and expertise to accelerate its growth. According to Candle Media, the deal will provide ATTN: with the resources it needs to expand its reach and create more engaging content for its audience. ATTN:’s co-founders, Matthew Segal and Jarrett Moreno, along with the existing senior management team, will continue to oversee day-to-day operations.
Financial Details
The acquisition is reportedly worth around $100 million in both cash and stock, with additional earn-out provisions that could bring the total value up to $150 million. Candle Media confirmed this figure to TechCrunch, highlighting the significant investment being made in ATTN:.
Candle Media’s Ambitions
Under Mayer and Staggs’ leadership, Candle Media has been making a series of high-profile acquisitions. These include:
- Moonbug: A kids content company and owner of CoComelon, acquired for $3 billion.
- Faraway Road Productions: The maker of the hit show Fauda, acquired for an undisclosed sum south of $50 million.
- Hello Sunshine: Reese Witherspoon’s media company, sold to Candle Media for around $900 million.
- Westbrook: A 10% stake was taken in Will Smith and Jada Pinkett Smith’s media company.
Candle Media’s Strategy
Mayer explained in an interview with Deadline that Candle’s lack of a streamer is a key part of its strategy. He believes demand for content itself will grow "extremely robustly" in the months ahead, making it an attractive time to invest in high-quality content creation.
Impact on the Industry
The acquisition has significant implications for the media and entertainment industry. With ATTN: under its wing, Candle Media is poised to become a major player in social storytelling. This move will undoubtedly have a ripple effect across the industry, encouraging other companies to rethink their approach to engaging with younger audiences.
Conclusion
Candle Media’s acquisition of ATTN: marks a significant milestone for both companies. As the media landscape continues to evolve, this partnership has the potential to bring about innovative and engaging content that resonates with a wider audience.