© Reuters. FILE PHOTO: Signage is seen outside Blackstone’s headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly
(Reuters) – Blackstone-backed Candle Media Tuesday announced it is acquiring ATTN:, a media company best known for topical short-form videos targeting Gen Z and Millennials. The cash and stock deal is valued at $100 million, according to two sources.
Launched in 2014, ATTN:’s videos seek to deconstruct social issues and news stories for its audience, such as one video recorded by former California Governor Arnold Schwarzenegger denouncing Vladimir Putin’s invasion of Ukraine. ATTN: also has worked with brands including Amazon (NASDAQ:), Ford, Google (NASDAQ:), Intel (NASDAQ:), Mattel (NASDAQ:), P&G, Target (NYSE:) and T-Mobile.
“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,” Candle Media Co-CEOs Kevin Mayer and Tom Staggs said in a statement announcing the deal.
Candle said it would help provide the financial backing and expertise to accelerate ATTN:’s growth across social media, television and on streaming services.
The transaction is the latest in a series of deals for Candle Media, including ones with Reese Witherspoon’s Hello Sunshine and children’s entertainment studio Moonbug Entertainment, creator of CoComelon preschool series on Netflix (NASDAQ:).
ATTN: founders Matthew Segal and Jarrett Moreno will continue to oversee day-to-day operations.
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