Brent Lang Executive Editor of Film and MediaA consortium of investors led by Najafi Companies has closed its deal to purchase STX Entertainment, the beleaguered film and television company behind “Bad Moms” and “My Spy.” The sale ends STX’s unhappy union with Eros, the Indian media company that it merged with in 2020.
The goal was to go public, which STXEros did, but to little investor fanfare. STX had previously tried and abandoned an effort to go public on the Hong Kong stock exchange in 2018, citing unfavorable market conditions.
The cash-strapped independent studio had attracted some 11th hour interest from Lionsgate, but a potential deal collapsed, leaving Najafi Companies, a Phoenix-based private-equity firm run by Jahm Najafi, as the victor.
Najafi is the vice chairman of the Phoenix Suns. Investment firms AS Birch Grove LP and 777 Partners helped finance the deal for STX.
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