Despite their initial optimism, unexpected circumstances abruptly halted Will Smith and Jada Pinkett Smith's plans to sell their entertainment company, Westbrook, for a staggering $1 billion.
The actor's altercation with Chris Rock at the Oscars caused a significant decline in business, leading to the unfortunate decision to lay off staff amidst the ongoing actor and writer strikes.
In an unexpected revelation by Semafor, it has been revealed that, prior to the incident in 2021, Will and Jada had engaged in fruitful discussions regarding the potential sale of Westbrook.
Valued at $600 million, much lower than the estimated $1 billion the couple believed it deserved, Westbrook, the company and its esteemed partners, comprised of the brand of Will Smith and the hugely successful "Red Table Talk" show on Facebook, held immense significance. According to Semafor, the plans crumbled, leaving the deal in ruins.
What Happened?
With an office located in Calabasas, Westbrook boasted a team of approximately 100 individuals. In the aftermath of the failed agreement, the company experienced remarkable success with their acclaimed TV series, "Fresh Prince of Bel-Air," the Oscar-nominated film, "King Richard," as well as a diverse range of projects for streaming giants such as Disney+, Apple TV, Snapchat, Netflix, and Hulu.
The projected earnings for Westbrook in 2022 were estimated to reach an impressive $170 million. Fast forward to the month of March in the same year, a sudden interruption occurred during Chris Rock stand-up routine as Will boldly took the stage to address the comedian's joke about his spouse. The resulting confrontation immediately sparked a wave of critical responses.
According to insider information received by Semafor, Westbrook has encountered significant challenges in securing lucrative agreements with streaming platforms and other prominent players in the entertainment industry.
As a result, the company has been compelled to implement extensive cost-cutting measures.
The recently published report reveals that Westbrook's revenue experienced a considerable decline, dwindling to a mere $100 million over the course of the previous year. Additionally, the company was compelled to make the difficult decision of terminating employment for half of its workforce.
"Red Table Talk" faced an unexpected fate in April 2023. Meta, the parent company of Facebook, made the decision to discontinue its Facebook Watch original programs, and sadly, Red Table Talk was among them.
Following the cancellation, the producers of the show expressed their determination to find a new home for Red Table Talk. While they initially stated they were in discussions with another company, no concrete developments have unfolded thus far.
Contrary to claims, Westbrook's representative dismissed speculations regarding the company's difficulties in securing deals.
According to the Radar Online's sources, Will and Jada's venture maintains active partnerships with a diverse range of entertainment giants including Columbia/Sony, Amazon, Netflix, Universal, Peacock, Paramount, and Disney+. The representative firmly asserted that no agreements had been terminated throughout 2023.
