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(Bloomberg) – Kevin Mayer and Tom Staggs, who were both vying to run Walt Disney Co., are emerging as two of Los Angeles’ busiest negotiators.
They filed documents Thursday to raise up to $ 345 million for Forest Road Acquisition II, their second Special Purpose Acquisition Company, or SPAC, which will look for companies to buy. On February 10, parent company Forest Road Acquisition Corp. announced that it is merging with two fitness companies to create Beachbody Co., a wellness company with a market value of $ 2.9 billion.
Mayer, 58, and Staggs, 60, are also trying to raise $ 2 billion from Blackstone Group Inc. to acquire other entertainment companies, including Ithaca Holdings from music impresario Scooter Braun and Propagate Content from producer of Ben Silverman television, according to people familiar with their thinking.
The couple, who will serve as the co-chair and co-CEO of the new company, plan to acquire businesses involved in music, film and television production, artist management and influencer development in the sports world and entertainment.
The Hollywood Reporter reported on these plans earlier this week.
Disney’s former COO Staggs quit four years ago after learning he likely wouldn’t get the top job. He had served on the board of directors of companies making fitness and environmental products, while also considering more prestigious entertainment jobs. It didn’t enter the public eye in any significant way until he joined Mayer in October to form the first logging road. Basketball star and commentator Shaquille O’Neal also joined the company as a strategic advisor.
Once obscure corporate public offering vehicles, PSPCs hit record highs last year, accounting for 46% of the $ 180 billion raised in initial public offerings on U.S. exchanges, according to data compiled by Bloomberg. This year, PSPCs dominate new listings, accounting for 63% of the $ 76 billion in IPO volume, according to the data.
Mayer spearheaded the launch of the hugely successful Disney + streaming service before being transferred to CEO last February. He briefly took on that role at social media giant TikTok – the source of then-President Donald Trump’s anger over his ties to China – before leaving the company in August.
“We do other things. We’re looking at other things, ”Mayer said in an interview on Bloomberg Television after the Beachbody deal this month. “There may be future announcements to make,” he said with a smile.
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