Candle Media, the Blackstone-backed studio run by former Disney executives Tom Staggs and Kevin Mayer, is cutting costs by combining the production companies in its portfolio focused on live-action, including Hello Sunshine, Exile, True Stories and “Fauda” creator Faraway Road, TheWrap has learned.
The live-action division, which will be rebranded to Candle Studios, will be run by Hello Sunshine chief Sarah Harden. Animation projects, meanwhile, will be folded into Moonbug Entertainment, which is known for “CoComelon” and accounted for the majority of Candle’s profits last year.
Mayer told TheWrap that Moonbug has reached “critical mass” and is “self-sustaining,” but he acknowledged that it “doesn’t intersect with other things we’re doing at live-action in a meaningful way … We’ve evolved into two companies.”
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