(Bloomberg) – Kevin Mayer and Tom Staggs, who were already in line to lead the Walt Disney Co., are emerging as two of the busiest negotiators in Los Angeles.
They filed documents on Thursday to raise up to $ 345 million for Forest Road Acquisition II, their second special purpose acquisition company, or SPAC, which will be looking for companies to buy. On February 10, Forest Road Acquisition Corp. Original announced that it was merging with two fitness companies to create Beachbody Co., a wellness company with a market value of $ 2.9 billion.
Mayer, 58, and Staggs, 60, are also trying to raise $ 2 billion from Blackstone Group Inc. to acquire other entertainment companies, including music entrepreneur Scooter Braun’s Ithaca Holdings and TV producer Ben Silverman’s Propagate Content, according to people familiar with your thinking.
The duo, who will serve as co-president and executive co-director of the new venture, plans to acquire businesses involved in music, film and TV production, managing artists and developing influencers in the worlds of sport and entertainment.
The Hollywood Reporter reported these plans earlier this week.
Staggs, a former Disney chief operating officer, left four years ago after being told he was unlikely to get the top job. He had been serving on boards of companies that made fitness and environmental products, while thinking about some high-profile entertainment jobs. He didn’t show up in style 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 consultant.
Once obscure vehicles for going public, SPACs reached record levels last year, accounting for 46% of the $ 180 billion raised in initial public offerings on US stock exchanges, according to data compiled by Bloomberg. This year, SPACs are dominating the new listings, totaling 63% of the $ 76 billion in IPO volume, the data show.
Mayer led the launch of the phenomenally successful Disney + streaming service from Disney, before being passed over as CEO last February. He briefly took on that role at social media giant TikTok – the source of then President Donald Trump’s ire over his ties to China – before leaving the company in August.
“We are doing other things. We are looking at other things, ”said Mayer during an interview with Bloomberg Television after the deal with Beachbody earlier this month. “There may be future announcements to make,” he said with a smile.
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