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Blackstone-Backed Candle Media Seeks Debt Relief After Deals
- Startup led by Disney veterans has over $1 billion in debt
- Acquisitions like Reese Witherspoon’s company come up short
The Moonbug website.
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Candle Media, the Blackstone Inc.-backed entertainment company led by two former Walt Disney Co. executives, has asked lenders to restructure some of its debt after recent acquisitions like the CoComelon kids TV business failed to hit profit targets.
The company is seeking to reduce its cash interest payments, according to people familiar with the matter. Candle is waiting for lenders to respond to its proposal, said the people, who asked not to be identified because the discussions are preliminary.