Brad Pitt is selling 60% of his production company, Plan B Entertainment, to French media conglomerate Mediawan, according to multiple reports.
The deal is signed and expected to be announced this weekend, CNBC reported.
The agreement values Plan B, in the hundreds of millions, but below $500 million, the network reported, citing people familiar with the discussions.
Pitt founded the banner in 2001 with now ex-wife Jennifer Aniston and late manager Brad Grey, who died in 2017. Pitt took sole ownership of the company when the couple divorced in 2005.
The Oscar-winning actor started shopping Plan B in October, tapping boutique investment adviser Meolis & Co. to represent the banner. The deal was led by Carlos Jimenez of Moelis, who spoke at TheWrap’s annual “The Grill” event, suggesting that despite the economic slowdown hitting Hollywood, it was a good time for M&A.
Paris-based Mediawan, founded in 2015 by Pierre-Antoine Capton, Xavier Niel and Matthieu Pigasse, owns more than 60 production labels, according to CNBC, including European banners like Italy’s Palomar and France’s Chapter 2. It produces movies and TV series in Europe and the U.S.
Plan B has produced an array of top hits and award-winning films, including Best Picture winners “Moonlight,” “12 Years a Slave” and “The Departed.” Its credits also include “Charlie and the Chocolate Factory,” “The Time Traveler’s Wife,” “Eat, Pray, Love,” “The Tree of Life,” “Moneyball,” “World War Z,” “Selma,” “The Big Short,” “The Last Black Man in San Francisco,” “Ad Astra” and “The King.”
It also has a host of well regarded TV projects under its belt, including Amazon Prime’s “The Underground Railroad.”
The banner has a deal with MGM for feature films, along with a first-look deal for TV with Amazon Studios. It’s not clear if the sale will impact those arrangements.
The sale is one of a series of independent production company acquisitions. Last year, Reese Witherspoon sold her Hello Sunshine production company to Candle Media, a company launched by former Disney execs and backed by Blackstone. She pocketed roughly $900 million in the deal.
Will Smith and Jada Pinkett also sold a minority stake in their Westbrook Inc. to Candle Media earlier this year. No pricetag was reported for that deal.
LeBron James’ SpringHill Company also sold a minority stake last year, to a group led by RedBird Capital Partners, Fenway Sports Group (of which James has a stake of), Nike and Epic Games.
