Candle Media, a media and entertainment company backed by private equity firm Blackstone, has acquired Israeli production house Faraway Road Productions, which made the globally popular TV show Fauda.
Candle Media didn’t disclose the financial details of the transaction. However, Israeli media reports said the deal was valued around $50 million.
Faraway was founded by Israeli actor Lior Raz and Avi Issacharoff, who together produced shows like Fauda and Hit and Run, which were streamed across the world on platforms like Netflix.
Faraway’s sale to the Blackstone-backed company comes even as its flagship show Fauda is set to premiere its fourth season on Netflix and Israel’s Yes TV this year.
The production house is also producing Antoine Fuqua-directed movie Siege of Bethlehem as well as an unscripted spy thriller, which will be directed by Greg Barker for Showtime.
Candle Media is managed by entertainment executives Kevin Mayer and Tom Staggs, who are co-chairmen and co-CEOs of the company.
“Content creation is one of our highest-conviction investment themes,” said Joe Baratta, global head of PE, and David Kestnbaum, a senior managing director, at Blackstone. “We believe that elite talent like the Faraway Road team is exceptionally well positioned to thrive in today’s increasingly global, digital media environment.”
Candle Media has previously acquired Hello Sunshine, a media company founded by US actor Reese Witherspoon; and Moonbug Entertainment Ltd, a digital-first children’s entertainment company behind popular shows such as CoComelon and Little Baby Bum.
It has also made a minority investment in Westbrook Inc., a media company founded by Jada Pinkett Smith, Will Smith, Miguel Melendez and Ko Yada.