‘Cocomelon’ Owner Moonbug Entertainment Sells to Kevin Mayer and Tom Staggs’ Blackstone-Backed Company

Moonbug Entertainment, the company behind the wildly popular children’s show “Cocomelon,” has been acquired by Kevin Mayer and Tom Staggs’ unnamed media venture. Though the terms of the deal were not made public, Bloomberg reports that the pricetag was $3 billion. This marks the second acquisition for the former Disney execs’ company, which is backed by private equity firm Blackstone Group Inc. In August, Mayer and Staggs purchased Reese Witherspoon’s Hello Sunshine production banner for $900 million. Moonbug’s founders, René Rechtman and John Robson, will retain equity stakes in Mayer and Staggs’ company, in addition to Moonbug’s management team. “We… Read Full Article