Lionsgate Exploring 11th Hour Deal for ‘Hustlers’ Studio STX (EXCLUSIVE)
variety.comMatt Donnelly Senior Film WriterLionsgate is in discussions to acquire some or all of STX Entertainment, the seven-year-old company founded by veteran producer Robert Simonds, insiders familiar with the matter told Variety.
It’s an 11th hour wrinkle in the studio’s planned sale to a private equity player.Talks began late last year, according to sources, after STX had secured a buyer in The Najafi Companies, an investment firm run by Jahm Najafi, the vice chairman of the Phoenix Suns.
In addition to Lionsgate, several other players are said to be bidding on STX though it’s unclear which suitor is in the lead (or if any substantially exceed Najafi’s offer).A Lionsgate spokesperson declined to comment on the matter.
An STX spokesperson had no comment. At the end of 2021, STX was up against a wall to secure an outright buyer after attempting to sell off its film library — which includes titles like Jennifer Lopez’s “Hustlers,” Gerard Butler’s “Greenland” and the “Bad Moms” franchise — racing against the clock while shouldering some $148 million in debt.
Read more on variety.com