Candle Media Restructures Amid Broader Streaming Reset; Animation Folded Into Moonbug, Hello Sunshine Chief Sarah Harden To Run Rebranded Candle Studios
deadline.comCandle Media, which launched in 2021 with backing from private-equity giant Blackstone, is restructuring its operations to reflect broader changes in the streaming sector.
The company, led by former senior Disney execs Kevin Mayer and Tom Staggs, will split into two divisions and make other related changes.
Candle’s formation was premised on the opportunity for streaming content fueled by social media. At the time, streamers were chasing Netflix and adding subscribers as they piled up losses; in the intervening years, Wall Street insisted on profitability instead of subscriber growth, punishing a number of players and casting a wary eye on the go-go spending it once admired.
The broader economy also grew turbulent in the years since Candle’s launch, with interest rates surging and inflation spiking.
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