Will Smith and Jada Pinkett Smith have reportedly sold a minority stake in their media company, Westbrook, to former Disney executives Tom Staggs and Kevin Mayer.
Westbrook – who produces Netflix’s hit series ‘Cobra Kai’ and backed ‘King Richard,’ the biopic starring Will Smith as Richard Williams, the father of tennis stars Venus and Serena Williams – had been in talks with Staggs and Mayer until the deal is struck. except in October.
Sources told Variety that Staggs and Mayer’s company paid $60 million for a roughly 10% stake. The deal values the company at just under $600 million.
Mayer and Staggs are funded by private equity giant Blackstone Group. Their media company made headlines last year when it bought Reese Witherspoon’s production company Hello Sunshine in a deal valued at $900 million, followed by a $3 billion deal dollars for Moonbug Entertainment, the children’s television company behind “CoComelon” and “Blippi.”
Westbrook Inc. is made up of a production studio, Westbrook Studios, and a digital arm, Westbrook Media. Upcoming projects for the company include action movie ‘Emancipation,’ which will appear on Apple TV+ and star Will Smith, and ‘Fresh Prince’ reboot ‘Bel-Air’ which will premiere this month. next on Peacock.
