(Bloomberg) – Kevin Mayer and Tom Staggs, who were both once in line for Walt Disney Co. to lead, acts as two of the busiest traders in Los Angeles.
On Thursday, they submitted papers to raise as much as $ 345 million for Forest Road Acquisition II, their second special-purpose procurement company, or SPAC, which will look at businesses to buy. The original Forest Road Acquisition Corp. announced on February 10 that it was merging with two fitness companies to create Beachbody Co., a $ 2.9 billion wellness company.
Mayer, 58, and Staggs, 60, are also trying to raise $ 2 billion from Blackstone Group Inc. collect to acquire other entertainment businesses, including music impresario Scooter Braun’s Ithaca Holdings and TV producer Ben Silverman’s Propagate Content, according to people familiar with their thinking.
The pair, who will serve as co-chairs and co-executives of the new venture, plan to acquire businesses involved in music, film and TV production, to manage artists and influencers in the world of sports and develop entertainment.
The Hollywood Reporter reported on those plans earlier this week.
Staggs, formerly chief operating officer at Disney, left four years ago after being told he would probably not get the best job. He served on the board of directors of companies that manufacture fitness and environmental products, while doing some more high-profile entertainment work. He did not get into the big eye again until he joined Mayer in October to form the first Forest Road. Basketball star and commentator Shaquille O’Neal also joined the company as a strategic advisor.
Once embezzled vehicles to take companies public, SPACs rose to record levels last year, accounting for 46% of the $ 180 billion raised in initial public offerings on U.S. stock exchanges, according to data compiled by Bloomberg. The data shows that SPACs dominate new offerings this year, accounting for 63% of $ 76 billion in IPO volume.
Mayer led the launch of Disney’s phenomenally successful Disney + streaming service before being appointed CEO last February. He briefly took on the role at social media giant TikTok – the source of anger for then-President Donald Trump over his ties to China – before leaving the company in August.
“We are doing a few more things. We’re looking at other things, ”Mayer said in an interview on Bloomberg Television after this month’s Beachbody deal. “There may be future announcements,” he said with a smile.
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