STX To Remain Independent Studio As Deal Closes With Najafi Companies & Eros Divorce Final

deadline.com:

EXCLUSIVE: There’s been a lot of biting rumors around STX Entertainment over the last four months, from a potential sale to Lionsgate to possibly filing Chapter 11.

These are not coming to realizations as the Hustlers and Bad Moms studio can now breathe a sign of relief, having fulling closed its sale to The Najafi Companies with Birch Grove LP and 777 Partners now also providing financing.The Forest Road Company was originally part of the Najafi consortium in taking over STX’s debt, and they are no longer part of the revived studio going forward.All of this puts STX Entertainment in a position to remain independent, now completely separated from Eros International, which we’ve heard has had its own financial baggage, further complicating affairs for the Burbank, CA studio.Robert Simonds will serve as STX Chairman and Noah Fogelson, currently the President, will become the new CEO.

Adam Fogelson will continue to serve as Chairman of the Motion Picture Group, Andrew Warren will continue as Chief Financial Officer, and John Friedberg will continue overseeing the international and acquisitions divisions for the Motion Picture Group out of the Company’s London office.The transaction today puts STX in a position to further develop, market and distribute content globally through multiple distribution channels including theatrical releases, international and direct to streaming services as well as video on demand.

STX is pivoting away from what was originally conceived as 12 theatrical releases annually. The studio is now planning 15 films a year, with five destined for the big screen and the balance split between straight-to-streaming or international theatrically distributed PVOD or direct-to-streaming titles.Like other