A24 has secured a massive $225 million equity investment to help expand its production and distribution operations.
Per Variety, the investment group Stripes is behind the major cash influx, which gives the indie studio a $2.5 billion valuation.
“A24 is a world-class brand and an extraordinary business,” Stripes’ founder Ken Fox said in a statement. “We’ve built a relationship with the A24 team over many years and have been amazed by the breadth and impact of their iconic storytelling globally. A24 is synonymous with incredible content and it is a prime example of Stripes’ belief in partnering with founders who are building amazing products. We are thrilled to work with A24 in their next phase of growth.”
Neuberger Berman, who represents client funds and co-led a group of investors in the round, added that A24’s authenticity and culture were also a big reason for the deal going through.
“A24 has established an unparalleled culture — one that puts their creators first,” he said. “The authenticity of their brand provides all A24 stakeholders with a long runway for success. It’s truly a privilege to partner with this remarkable management team as they execute on their long-term strategic vision.”
Some of the major films coming out from A24 this year include Disappointment Blvd. starring Joaquin Phoenix, the Alex Garland-directed Men, and Everything Everywhere All At Once with Michelle Yeoh. ?????The studio is also behind HBO’s Euphoria, which became one of the biggest hits in recent memory.
This past summer, it was reported that A24 had been in talks with several different buyers at a price of roughly $3 billion. Ultimately, no deals were made to sell the company.
A24 makes some of the best content on television and in theaters, so it’s only right they reap the benefits.