Budding media moguls Kevin Mayer and Tom Staggs just plopped down $3 billion of Blackstone’s money to buy Moonbug Entertainment, the creator of Netflix’s wildly popular animated series “CoComelon” that many Americans have probably never seen (unless they have young kids). That’s more than three times the $900 million that the duo paid this past summer for Reese Witherspoon’s Hello Sunshine production shingle.
To parents of small children, that eye-popping sum may seem like a bargain since “CoComelon” is not just Moonbug’s most popular show, it’s also one of Netflix’s, and offers a lucrative stream of not only video content but merchandising possibilities ripe to be tapped.
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