Key Takeaways
- STX Entertainment is undergoing a reset with a new owner, Crown Productions, which will lead the recapitalization and own 100% of the company.
- Peter Coleman, CEO of Film Services International (FFI), will lead the new iteration of STX, with a focus on producing quality films with budgets up to $20 million.
- The company will start with two to three films this year and aim to double that number in 2027, with an initial slate announcement coming soon.
- STX has a valuable brand and IP, including films like "Greenland," "Hustlers," and "Bad Moms," and will continue to develop and produce new projects.
- The new ownership and capital structure will allow STX to move forward with a clean slate and fully finance its future projects.
Introduction to STX Entertainment’s New Ownership
STX Entertainment, a beleaguered film production company, is attempting another reset with a new owner, Crown Productions, the film financing subsidiary of diversified insurance platform A-CAP. Crown Productions will lead the recapitalization and own 100% of STX, with Peter Coleman, a board member and chief executive of Film Services International (FFI), at the helm. This new iteration of STX will see the company focus on producing quality films with budgets up to $20 million, with plans to start with two to three films this year and double that number in 2027.
Background on STX Entertainment’s History
STX Entertainment has a rich history, with a library of films that include Gerard Butler’s disaster thriller "Greenland" and its sequel "Greenland 2: Migration," which opens this weekend via Lionsgate. Other notable STX properties include Jennifer Lopez-starring "Hustlers," the "Bad Moms" franchise, Guy Ritchie’s action-comedy "The Gentlemen," and Aaron Sorkin’s "Molly’s Game" starring Jessica Chastain. The company has also produced films like "I Feel Pretty" starring Amy Schumer, "My Spy" starring Dave Bautista, and "21 Bridges" starring Chadwick Boseman. Despite its successes, STX has faced challenges in recent years, leading to a change in ownership and leadership.
New Leadership and Direction
Peter Coleman, the new CEO of STX, brings a wealth of experience to the company. As a former Wall Street analyst and investment banker, Coleman has a deep understanding of the film industry and its financing structures. He has also served as chief revenue officer of RED Digital Cinema, helping to grow the company before it was sold to Nikon. Coleman’s vision for STX is to focus on producing quality films with budgets up to $20 million, with a goal of starting with two to three films this year and doubling that number in 2027. He believes that the STX and FFI ecosystem will allow the company to support independent filmmakers and bring their visions to life.
Current and Future Projects
STX is currently in post-production on the first installment of Katie Holmes’ "Happy Hours Trilogy," starring Holmes and Joshua Jackson. The company also has several projects in development and pre-production, including "Mom Prom" from producer Toby Emmerich, "Crime after Crime" from producers Nick Stoller, Ike Barinholz, and Dave Stassin, as well as new projects based on the "Bad Moms," "Hustlers," and "Countdown" IP. With its new ownership and capital structure, STX is poised to move forward with a clean slate and fully finance its future projects. Coleman believes that the company’s brand and IP are still valuable, and with the right support, STX can once again become a major player in the film industry.
The Role of FFI and A-CAP
FFI, which includes the bond company Film Finances, as well as several production and post-production firms, will become a sister company of STX. A-CAP, the diversified insurance platform, is a 50% partner in FFI and will play a key role in supporting STX’s future projects. The recent sale of FFI Holding to new investors, including an A-CAP subsidiary, has allowed the company to detach itself from its previous owner, 777 Partners, and start fresh. With the support of A-CAP and FFI, STX is well-positioned to succeed in the competitive film industry.
Conclusion
In conclusion, STX Entertainment’s new ownership and leadership mark a significant turning point for the company. With a focus on producing quality films with budgets up to $20 million, STX is poised to make a comeback in the film industry. The company’s valuable brand and IP, combined with the support of A-CAP and FFI, will allow STX to move forward with a clean slate and fully finance its future projects. As the film industry continues to evolve, STX is well-positioned to succeed and make a lasting impact on the world of cinema.
