Independent film studio A24 has confirmed a $225 million USD equity investment, valuing the company at $2.5 billion USD.
According to reports, Stripes was named the lead investor for the round while its founder, Ken Fox, will be part of A24’s board. The investment group, which was co-led by Neuberger Berman, will hold less than 10% of the company. This marks A24’s first equity raise since its initial seed funding by minority stakeholders Eldridge.
“A24 is a world-class brand and an extraordinary business,” 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.”
“A24 has established an unparalleled culture — one that puts their creators first. 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,” added Raman Gambhir, portfolio manager at Neuberger Berman.
Elsewhere in entertainment, Warner Bros. has changed the release dates of several of its superhero titles.