In the fall of 2021, Will Smith and Jada Pinkett Smith considered selling their media company, Westbrook, with potential suitors valuing it around $600 million. Talks with Candle Media, backed by Blackstone, faltered, and Westbrook ended up accepting a $60 million investment for a 10% stake. As of March 2022, Westbrook was flourishing, on track to generate $170 million in revenue with a diverse portfolio of projects, including “Bel-Air” and “King Richard.” However, during the 2022 Oscars, Will Smith’s infamous slap of comedian Chris Rock drastically changed the company’s fortunes.
Since the incident, Westbrook has struggled to secure major deals with streaming platforms, leading to significant financial challenges. Revenue reportedly dropped to $100 million in the aftermath, prompting Westbrook to lay off half of its employees, including those hired in 2021. Many partners chose not to renew their deals with Westbrook, and after Meta decided not to renew “Red Table Talk,” Westbrook faced difficulties finding a new home for the show. The company has experienced challenges in securing funding and has scaled back its ambitions.
Westbrook’s troubles highlight the risks associated with the celebrity-driven media and production studio model. The impact of one family or individual’s brand may not be sufficient to sustain a major, multi-pronged entertainment business. While Westbrook’s fate underscores the volatility introduced by controversies involving key figures, it also raises broader questions about the long-term viability of this business model in the face of industry challenges like streaming crashes and strikes. Despite the setbacks, Westbrook continues to engage in active conversations with potential distributors for “Red Table Talk,” but the road to recovery remains uncertain.
