(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:AMZN), Ford, Google (NASDAQ:GOOGL), Intel (NASDAQ:INTC), Mattel (NASDAQ:MAT), P&G, Target (NYSE:TGT) 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:NFLX).
ATTN: founders Matthew Segal and Jarrett Moreno will continue to oversee day-to-day operations.