#Will Smith and Jada Pinkett Smith sell media company stake to ex-Disney execs

Will Smith and Jada Pinkett Smith have reportedly sold a minority stake in their media company, Westbrook, to former Disney executives Tom Staggs and Kevin Mayer.

Westbrook — which produces Netflix’s hit series “Cobra Kai” and which backed “King Richard,” the biopic starring Will Smith as Richard Williams, the father of tennis stars Venus and Serena Williams — had been in talks with Staggs and Mayer until the deal fell apart in October.

Sources told Variety that Staggs and Mayer’s venture paid $60 million for a roughly 10% ownership stake. The deal values the company at just under $600 million.

Mayer and Staggs are being financed by private-equity giant Blackstone Group. Their media venture made headlines last year when it purchased Reese Witherspoon’s production company Hello Sunshine in a deal valued at $900 million and followed that up with a $3 billion deal for Moonbug Entertainment, the children’s TV company behind “CoComelon” and “Blippi.”

Westbrook Inc. is comprised of a production studio, Westbrook Studios, and a digital arm, Westbrook Media. Upcoming projects for the company include the action film “Emancipation,” which will appear on Apple TV+ and star Will Smith, as well as the “Fresh Prince” reboot “Bel-Air’ that will premiere next month on Peacock.