Blackstone-Backed Company to Buy Stake in Media Firm Co-Founded by Will Smith and Jada Pinkett-Smith

Founded in 2019, Westbrook’s projects include “King Richard,” a biopic that chronicles the life of

Richard Williams,

the father of tennis stars Venus and Serena Williams. Other projects from Westbrook include the “Fresh Prince of Bel-Air” reunion on HBO Max, “Red Table Talk,” a show on Facebook Watch featuring Ms. Pinkett Smith, her daughter Willow Smith and her mother, Adrienne Banfield-Norris.

The Westbrook deal is the latest in a series of acquisitions in recent months for Messrs. Mayer and Staggs’s venture.

In November, the firm said it was buying Moonbug Entertainment Ltd., the company behind hit children’s shows “CoComelon” and “Blippi,” for about $3 billion. In August, it said it was spending $900 million to acquire Hello Sunshine, the media company founded by

Reese Witherspoon.

Mr. Mayer said in an interview with The Wall Street Journal in August that he and Mr. Staggs were creating a new entertainment company for Hollywood’s streaming era. Some media companies are reluctant to license shows and movies to rivals, Mr. Mayer said, creating an opportunity for a new independent player.

Write to Benjamin Mullin at [email protected] and Miriam Gottfried at [email protected]