New York City asset manager Blackstone nears $3bn deal for UK’s Moonbug Entertainment



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New York City asset manager Blackstone nears $3bn deal for UK’s Moonbug Entertainment

A company backed by Blackstone Group, the world’s largest alternative asset manager having had assets worth of $649 billion under its management alongside former Walt Disney Co executives Kevin Mayer and Tom Staggs had been closing in on a $3 billion buyout deal for Moonbug Entertainment, at least three people familiar with the subject-matter had unveiled.

Besides, a press agency report had quoted anonymous sources as saying that a buyout deal for Moonbug Entertainment, a London-based media company behind a popular children entertainment show ‘CoComelon’, could be announced as early as by this week.

Blackstone to purchase UK media group Moonbug

According to the financial terms of the deal, the group led-by Blackstone had agreed to make an upfront payment of $2.75 billion, while an additional $300 million would be released on the basis of the company’s future performance, a press agency report had unwrapped citing anonymous sources given the scale of sensitivity of the issue.

Nonetheless, the sources also had warned that the financial terms and timing of the deal could be subject to further changes. More importantly, as Blackstone appears to be stretching out its footprints across global media industry, the latest move from the New York City-based asset manager came forth just months after it had cut a deal to purchase Hello Sunshine from Reese Witherspoon, an Academy Award winning actress, for an undisclosed sum.

Founded back in the 2018s, Moonbug Entertainment remained mostly focused on creating contents for children including “Blippi” and “Little Baby Bum,” however, the London-based media company’s blockbuster show ‘CoComelon,’ has more than 100 million YouTube subscribers.