Jan 11 (Reuters) – Blackstone-backed Candle Media is shopping for Faraway Street Productions, the Israeli studio behind common Netflix sequence “Fauda” and the upcoming characteristic movie “Siege of Bethlehem,” persevering with a media trade shopping for binge, Blackstone stated on Tuesday.
Phrases weren’t publicly disclosed. One particular person conversant in the matter stated the acquisition was valued at beneath $50 million.
The deal is one other large wager by non-public fairness agency Blackstone within the streaming media trade and its voracious urge for food for brand spanking new content material to draw new subscribers.
Faraway Street Productions is the most recent in a sequence of acquisitions by the Blackstone-backed media firm, which embody taking a majority stake in Reese Witherspoon’s media firm, Hi there Sunshine, investing in Will and Jada Pinkett Smith’s manufacturing firm, Westbrook, and buying youngsters’s leisure studio Moonbug.
Candle Media executives, Kevin Mayer and Tom Staggs, each former prime Walt Disney Co executives, described the acquisition of the studio, based by “Fauda” creators, Lior Raz and Avi Issacharoff, as one other in a sequence of offers that put money into distinctive storytellers.
“Lior and Avi are world-class storytellers who produce exhilarating content material that strikes a chord globally with audiences throughout cultures and languages,” Stags and Mayer stated in a press release.
Reporting by Daybreak Chmielewski; enhancing by Kenneth Li and Howard Goller