Former Disney executives Tom Staggs and Kevin Mayer are said to have purchased a minority share in Will Smith and Jada Pinkett Smith’s media company, Westbrook.
Westbrook had been in talks with Staggs and Mayer until the deal fell through in October. Westbrook produced Netflix’s hit series “Cobra Kai” and backed “King Richard,” a biopic starring Will Smith as Richard Williams, the father of tennis stars Venus and Serena Williams.
According to Variety, Staggs and Mayer’s venture paid $60 million for a 10% interest in the company. The company is valued at just under $600 million.
Mayer and Staggs receive funding from Blackstone Group, a private equity company. Their media company made headlines last year when it paid $900 million for Reese Witherspoon’s production company Hello Sunshine and then paid $3 billion for Moonbug Entertainment.
