Plan B Entertainment, the production banner run by Brad Pitt, is seeking a buyer, according to two insiders with knowledge of the situation.
The banner has tapped the global investment bank Moelis & Co. to shop for a buyer or potential investors. The deal is being led by Carlos Jimenez of Moelis & Co., who appeared on the M&A panel at TheWrap’s annual “The Grill” event on Wednesday.
Jimenez said he is seeing some clients hesitating to jump into new M&A deals in light of a struggling economy, as well as Hollywood’s own slowdown in the streaming boom as evidenced by Netflix’ recent loss of subscribers.
However, Jimenez suggested now may be the best time to seize the opportunity. He said his company’s job is not to sit on the sidelines for six months waiting for economic change but to “really to find where the opportunities are is where there is disruption is creating an opportunity. So it’s finding those talented managers, the solid business plans that are giving capital looking to this period of time versus sit back and watch what their peers are doing.”
Plan B Entertainment, founded in 2002 and headed by Brad Pitt and co-presidents Dede Gardner and Jeremy Kleiner, has produced quality, award-winning film and television projects. The banner currently has a deal with MGM for feature films, along with a first-look deal for TV with Amazon Studios.
Plan B’s film credits include “The Departed,” “Charlie and the Chocolate Factory,” “The Time Traveler’s Wife,” “Eat, Pray, Love,” “The Tree of Life,” “Moneyball,” “World War Z,” “12 Years a Slave,” “Selma,” “The Big Short,” “Moonlight,” “Okja,” “Beautiful Boy,” “If Beale Street Could Talk,” “Vice” and most recently, “The Last Black Man in San Francisco,” “Ad Astra” and “The King.”
Of course, “The Departed,” “12 Years a Slave” and “Moonlight” are Academy Award Best Picture winners. The production company’s other films, like “Selma,” “Vice”and “If Beale Street Could Talk,” received Oscar nominations.
Most recently, Plan B produced the “Father of the Bride” remake that became a streaming hit on HBO Max along with “Blonde,” which premiered on Netflix and is considered an awards contender for headliner Ana de Armas.
The Wall Street Journal first reported the news.
Reps for Plan B did not respond to TheWrap’s request for comment.
Diane Haithman contributed to this report.