STX Leisure has been offered to The Najafi Firms, solidifying its independence from Eros Worldwide.
AS Birch Grove LP and 777 Companions offered financing.
As an impartial firm, this transaction will function a development engine to develop, market and distribute content material globally by a number of distribution channels, together with theatrical releases, worldwide and direct to streaming companies in addition to VOD.
Robert Simonds will function STX chairman, and Noah Fogelson, at the moment the president, will grow to be the brand new CEO. Adam Fogelson will proceed to function chairman of the movement image group. Andrew Warren will proceed as chief monetary officer. John Friedberg will proceed overseeing the worldwide and acquisitions divisions for the movement image group out of the corporate’s London workplace.
STX Leisure has had a profitable 18 months, with The Gents, My Spy, The Mauritanian, The Contractor and Queenpins. The studio has additionally expanded into tv with the debut of the hit actuality present FBoy Island on HBO Max.
“At a time when the demand for international content material has by no means been better, we’re very enthusiastic about this uncommon alternative to accumulate STX Leisure, one of many solely remaining impartial studios. As buyers, we’re long-term minded and we imagine within the energy of storytelling and fostering a studio that’s pleasant to storytellers,” stated Jahm Najafi, founder and CEO of The Najafi Firms. “Now we have the utmost respect for this 100-year-old-plus ecosystem, and we stay up for supporting this partnership and the methods trendy leisure studios are evolving sooner or later.”
“The closing of this deal signifies STX’s place of management and its hopeful future inside the movie and tv trade,” stated Robert Simonds, chairman of STX. “We’re excited to work alongside this extremely revered funding firm and are grateful for his or her continued help as we increase our library of star-driven content material. Now we have solidified our worldwide fame and notable ambitions so far, and we stay up for frequently proving ourselves with every challenge we push ahead.”
“In a comparatively brief period of time, STX has helped create and distribute over 70 films, many with stars and filmmakers who’ve made a number of initiatives with us,” stated Noah Fogelson, STX CEO. “From The Present, Unhealthy Mothers and Hustlers to The Upside, Molly’s Sport, Greenland and upcoming Operation Fortune, the studio has, regardless of many headwinds, cemented a spot within the trade. We’re thrilled that an investor as savvy as Jahm (Najafi) and The Najafi Firms see the worth of the platform at this time and likewise what’s doable tomorrow.”