Los Angeles-based media studio Wayfarer Entertainment has sold a majority equity stake of the company at a US$10 million valuation to 4S Bay’s newly-formed affiliate SG Wayfarer, LLC.
The company has also established a $25 million content fund dedicated to premium, cause-driven entertainment. Wayfarer is in talks to launch a studio to oversee the fund’s projects and is currently soliciting a studio head.
Wayfarer Entertainment creates scripted and unscripted storytelling content for television, digital and film highlighting “the power of human connection”. The company has been committed to promoting diversity onscreen, featuring 52% women, 45% people of color, 15% people with disabilities, and 5% people from LGBTQ communities to date, with current plans to expand on that following the recent acquisition.
Additionally, Wayfarer is seeking to increase its diversity internally with the addition of a chief executive officer, commercial executive producer, EVP of sales and creative coordinator.
“Through our acquisition and the establishment of the content fund, we’re setting out to elevate our mission into the realm of premium television content, creating a next generation studio that will empower A-list creators, giving them a range of resources to share their stories with global audiences,” said co-founder Baldoni in a statement.