The company has issued a press release confirming some of what had been reported by Semafor on Tuesday morning.
(See earlier details below.)
In 2024, Candle Studios will be in production on more than 30 premium originals.
Kevin Mayer and Tom StaggsABC/Courtesy
Candles formation was premised on the opportunity for streaming content fueled by social media.
Rising rates cast Candles $1.4 billion of debt into a different light.
The new studio will encompass production companies Exile, True Stories, andFaudacreator Faraway Road.
Hello Sunshine is the anchor tenant, having produced HulusLittle Fires Everywhereand ApplesThe Morning Show.
Mayer detailed the companys updated strategic plan in an interview with Semafor published Tuesday.
We paid at the top of the market, Mayer told the outlet.
But he said: Talk to us in two or three years.
The dual Hollywood strikes of 2023 also dealt a serious blow to Candle.
And then you hit a plateau that causes you to look again at the bottom line and cut costs.
Its a very healthy thing to do.
