After arriving on the digital media scene in 2021, Candle Media made a splash by spending billions to acquire big-name media properties. That shopping spree has allowed Candle to assemble a strong portfolio, but the company’s bottom line may not meet expectations in 2023. According to a report from Bloomberg, Candle could miss earnings targets by 50% thanks to unforeseen slowdowns that have affected the company’s biggest subsidiaries.
The report indicated that Candle’s yearly profit will end up somewhere between $140 million and $170 million. That would be short of previous predictions, including a $330 million estimate and a more conservative figure supplied by Blackstone. The banking firm has supplied Candle with a ten-digit investment to support its acquisitions.
Candle’s two biggest properties are largely responsible for its financial shortcomings, according to Bloomberg. One of the company’s first acquisitions, Reese Witherspoon’s Hello Sunshine, is projected to deliver just 10% of its expected yearly earnings.
The report indicated that Candle’s yearly profit will end up somewhere between $140 million and $170 million. That would be short of previous predictions, including a $330 million estimate and a more conservative figure supplied by Blackstone. The banking firm has supplied Candle with a ten-digit investment to support its acquisitions.
Candle’s two biggest properties are largely responsible for its financial shortcomings, according to Bloomberg. One of the company’s first acquisitions, Reese Witherspoon’s Hello Sunshine, is projected to deliver just 10% of its expected yearly earnings.
- 10/6/2023
- by Sam Gutelle
- Tubefilter.com
Earnings at Candle Media, the Blackstone-backed company founded by former Disney executives Kevin Mayer and Tom Staggs, could come in about 50% below what its acquired companies had forecasted for 2023, according to Bloomberg.
The outlet, which cited sources familiar with the matter, said the shortfall stems from Reese Witherspoon’s Hello Sunshine and “Cocomelon” owner Moonbug Entertainment. Mayer and Staggs reportedly blamed a decline in advertising at YouTube, the Hollywood strikes and a spending pullback in the entertainment industry.
According to Bloomberg, Candle is expected to post a profit of around $140 million to $170 million, with Hello Sunshine expected to account for just 10% of projected earnings and Moonbug expected to account for about 30%. That’s below an earlier estimate of $330 million. Moonbug is reportedly expected to generate about $150 million in profit this year, while Hello Sunshine is on track for less than $10 million.
A spokesperson for Blackstone told TheWrap that the...
The outlet, which cited sources familiar with the matter, said the shortfall stems from Reese Witherspoon’s Hello Sunshine and “Cocomelon” owner Moonbug Entertainment. Mayer and Staggs reportedly blamed a decline in advertising at YouTube, the Hollywood strikes and a spending pullback in the entertainment industry.
According to Bloomberg, Candle is expected to post a profit of around $140 million to $170 million, with Hello Sunshine expected to account for just 10% of projected earnings and Moonbug expected to account for about 30%. That’s below an earlier estimate of $330 million. Moonbug is reportedly expected to generate about $150 million in profit this year, while Hello Sunshine is on track for less than $10 million.
A spokesperson for Blackstone told TheWrap that the...
- 10/6/2023
- by Lucas Manfredi
- The Wrap
“Star Trek,” “The Walking Dead” and “Wheel of Fortune” are more than just iconic TV brands; they’re the intellectual property powering mobile games on course to reach $100 million each. And they’re all produced by Scopely, a Los Angeles-based video game business led by co-ceo Walter Driver, who has made a specialty of adapting from one medium to another.
“Originally people thought of mobile game licensing as an ancillary revenue stream for traditional IP holders,” Driver said on the latest episode of the Variety podcast Strictly Business. “In the last five years, that thinking has evolved dramatically. And we’re fortunate to work with partners who have been really strategic about how they are thinking about the digital expressions of their brand.”
Listen to the podcast here:
Top-grossing games at the eight-year-old company include “WWE: Champions,” a puzzle-matching role-playing game; “The Walking Dead: Road to Survival,” an RPG...
“Originally people thought of mobile game licensing as an ancillary revenue stream for traditional IP holders,” Driver said on the latest episode of the Variety podcast Strictly Business. “In the last five years, that thinking has evolved dramatically. And we’re fortunate to work with partners who have been really strategic about how they are thinking about the digital expressions of their brand.”
Listen to the podcast here:
Top-grossing games at the eight-year-old company include “WWE: Champions,” a puzzle-matching role-playing game; “The Walking Dead: Road to Survival,” an RPG...
- 7/3/2019
- by Andrew Wallenstein
- Variety Film + TV
CBS is sending Chief Creative Officer David Nevins to represent the company at a high-profile annual media conference organized by investment bank Ubs.
The conference, now in its 45th year, is scheduled for December 3 and 4, with Nevins (who is also chairman and CEO of Showtime) speaking on the afternoon of the second day. Other speakers include At&T CEO Randall Stephenson, Discovery CEO David Zaslav, Comcast CFO Mike Cavanagh and Netflix content chief Ted Sarandos.
The choice of Nevins over acting CEO Joe Ianniello is an intriguing one as CBS continues to evaluate potential picks for the permanent CEO role. Ianniello, who has been serving in the top role since the ouster of Les Moonves in September, got positive reviews from the investment community for presiding over the CBS quarterly earnings call earlier this month. Nevins, who is being considered for the permanent job along with Ianniello, made his first appearance on the same call.
The conference, now in its 45th year, is scheduled for December 3 and 4, with Nevins (who is also chairman and CEO of Showtime) speaking on the afternoon of the second day. Other speakers include At&T CEO Randall Stephenson, Discovery CEO David Zaslav, Comcast CFO Mike Cavanagh and Netflix content chief Ted Sarandos.
The choice of Nevins over acting CEO Joe Ianniello is an intriguing one as CBS continues to evaluate potential picks for the permanent CEO role. Ianniello, who has been serving in the top role since the ouster of Les Moonves in September, got positive reviews from the investment community for presiding over the CBS quarterly earnings call earlier this month. Nevins, who is being considered for the permanent job along with Ianniello, made his first appearance on the same call.
- 11/27/2018
- by Dade Hayes
- Deadline Film + TV
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