Candle Media

Who owns Candle Media?

Candle Media is an independent private company controlled by co-founders Kevin Mayer and Tom Staggs, financed principally by approximately $2 billion from Blackstone's flagship private equity funds. It has no parent company.

What does Candle Media own?

As of late 2026, Candle's principal asset is Moonbug Entertainment, the children's media company behind CoComelon and Blippi. It also holds Faraway Road Productions, a minority stake in ATTN:, and a minority investment in Westbrook Inc.

Who founded Candle Media?

Kevin Mayer and Tom Staggs, both former senior Walt Disney Company executives, founded Candle Media in 2021. Mayer had led Disney's direct-to-consumer business and briefly served as CEO of TikTok; Staggs was Disney's chief operating officer.

Did Candle Media sell Hello Sunshine?

Yes. In October 2026 Candle sold its majority stake in Hello Sunshine back to founder Reese Witherspoon and French production company Mediawan for a reported low- to mid-eight-figure sum, far below the $900 million valuation at which Candle bought in during 2021.

Is Candle Media going to sell Moonbug?

Industry reporting as of late 2026 indicates a Moonbug sale has been explored but is not imminent. Moonbug remains Candle's main operating asset and is described as financially healthier than many comparable media companies.

Is Candle Media public?

No. Candle Media is privately held and has never been listed, though taking the combined company public was part of its original strategic plan before it pivoted to asset-level monetization.

Candle Media was established in 2021 when Blackstone committed roughly $2 billion to a media venture led by Mayer and Staggs. The timing coincided with the peak of the streaming wars, when platform spending had pushed content company valuations to record levels. The founders moved immediately: in 2021 Candle acquired a majority stake in Reese Witherspoon's production company Hello Sunshine at a reported $900 million valuation, and in November 2021 it acquired Moonbug Entertainment for a reported $2.75 billion, potentially $3 billion with earn-outs.

The buying continued through 2022. Candle acquired Faraway Road Productions, the Israeli content studio behind Fauda, purchased digital publisher ATTN: in a deal valued around $150 million, acquired Exile Content Studio, and took a minority stake in Will Smith and Jada Pinkett Smith's Westbrook Inc. The assembled portfolio spanned children's media, premium scripted television, and digital publishing.

The market turned before the exit plan could mature. Streaming growth slowed, advertising softened, and the valuations Candle had paid proved difficult to justify. The company cut staff and shifted its strategy from integration toward operating and eventually monetizing individual assets. Co-CEO Mayer told Axios in 2025 that the plan had changed from selling or listing the whole company to selling or listing its brands one by one.

The unwind became concrete in 2026. In February, Candle sold a majority stake in ATTN: back to co-founders Matthew Segal and Jarrett Moreno alongside a new investor group, retaining a minority position. In October, it sold its Hello Sunshine majority stake back to Witherspoon and France's Mediawan at a reported low- to mid-eight-figure price, a fraction of the $900 million valuation paid in 2021 and a loss of several hundred million dollars by some accounts. Industry reporting describes Moonbug, in better financial shape than peers, as the main remaining asset, with a potential sale explored but not imminent.

Candle's controversies are financial rather than editorial. The $900 million Hello Sunshine valuation drew criticism at the time and looks worse in hindsight after the 2026 buyback at a reported fraction of that price. The broader question raised in industry coverage is whether the $2 billion deployment represented disciplined investing or peak-market overpayment. The company has also cut staff through its restructuring, and its future direction, including a possible Moonbug sale, is a running subject of trade press scrutiny.