STX Entertainment

From Wikipedia, the free encyclopedia
STX Financing, LLC[1]
STX Entertainment
Private
Industry Entertainment
Founded March 10, 2014; 3 years ago (2014-03-10)[2]
Founder Robert Simonds
Bill McGlashan
Headquarters Burbank, California, United States
Key people
  • Noah Fogelson (General Counsel & Executive VP, Corporate Strategy)
  • Andrew Warren (CFO)
  • Patricia Rockenwagner (Chief Communications Officer)
Services
Divisions
  • STXfilms
  • STXfamily
  • STXtv
  • STXdigital
  • STXinternational
Website stxentertainment.com

STX Entertainment (stylized as STX ENTERTAINMENT) is an American media company founded on March 10, 2014, by Robert Simonds and Bill McGlashan. They specialize in film and television production, development, distribution, marketing and financing, as well as digital media and virtual reality content.

History

Founding and early years

In 2012, Simonds and McGlashan, the head of TPG Growth, were discussing the profitability of producing films with a star attached and a medium budget (in the $20–60 million range), a method that had gone out of style with Hollywood studios. The conversation led to the launch of STX Entertainment in 2014, with a mission to finance, develop, produce, market and self-distribute 8 to 10 medium budget star-driven films worldwide per year.[3][4]

First deal agreement

In March 2015, STX announced a deal with Chinese film production company Huayi Bros. to co-finance at least 18 films to be produced over a three-year period beginning in 2016, which would increase STX's slate to 12 to 15 films annually through 2018.[5][6][7]

Distribution deals and later ventures

Rather than pursuing the traditional distribution process, STX has direct distribution agreements with North American theater chains AMC, Regal, Cinemark, Goodrich, Marcus Theatres and Carmike Cinemas.[8] In January 2015, STX signed a multiyear television output agreement to release its films exclusively to Showtime Networks during the premium television window, beginning in 2015 and covering the studio’s theatrical releases through 2019.[9] In April 2015, STX entered into a multiyear partnership with Universal Studios Home Entertainment, with Universal handling marketing, sales and distribution services for Blu-ray, DVD and VOD platforms of STX’s theatrical titles in North America.[10]

STX is backed by venture capital firm TPG, Chinese private equity firm Hony Capital, and business interests of Gigi Pritzker, Beau Wrigley and Dominic Ng.[11] The studio has announced plans to invest over $1 billion per year through 2018 in making, marketing and distributing films, TV, digital and VR content. STX closed a further round of financing in August 2016 that valued the company at close to $1.5 billion. Additional major strategic investments were made from companies including Chinese technology giant Tencent and Hong Kong-based telecommunications firm PCCW.[12] In 2016, Tencent Holdings and a unit of PCCW Ltd. bought stakes in STX.[13]

Later in August 2016, STX acquired VR content producer Surreal to begin powering some of their own efforts in the virtual reality space. Terms of the deal were not disclosed.[14][15]

In January 2017, it was announced STX Entertainment signed a three-year marketing and distribution agreement with EuropaCorp's American division. Under the deal, STXfilms released Their Finest, The Circle and Valerian and the City of a Thousand Planets.[16][17] These titles are excluded from STX's deal with Universal Pictures Home Entertainment as EuropaCorp Films USA has a separate partnership with Lionsgate Home Entertainment.

In September 2017, it was reported that STX may be close to an initial public offering on the Hong Kong Stock Exchange (SEHK) starting in early 2018. While based in the US, the company has numerous corporate and business relationships with China, and it has been reported that a listing on the SEHK could make it easier for Chinese companies to invest in Hollywood films. STX was valued at $1.5 billion in 2016. In September 2017, the Wall Street Journal stated that the company could be valued at $3.5 billion after raising an additional $500 million following the IPO.[18][19][20] At the end of November 2017, John Malone's Liberty Global invested an undisclosed amount of money in the company, with an executive having a seat on their board.[21] The deal had STX valued at $1.37 billion.[13]

At the end of November 2017, John Malone's Liberty Global invested an undisclosed amount of money in the company, with an executive having a seat on STX's board. [22]

Production

Film production

In January 2015, STX announced its first slate of films: The Gift, a psychological horror-thriller starring Jason Bateman, Rebecca Hall and Joel Edgerton, and written and directed by Edgerton; Secret in Their Eyes, a remake of the 2009 Argentine film, starring Chiwetel Ejiofor, Nicole Kidman and Julia Roberts, and written and directed by Billy Ray; The Boy, a psychological horror thriller directed by William Brent Bell and starring Lauren Cohan; and Free State of Jones, a Civil War drama starring Matthew McConaughey and written and directed by Gary Ross.[9][11][23][24] STXfilms also acquired worldwide rights to the action film Hardcore Henry for $10 million after its premiere at the Toronto International Film Festival, making it the studio's first acquisition.[25]

The company's 2016 release of Bad Moms earned $180 million worldwide at the box office,[26] was the first R-rated comedy since The Hangover to get an A on CinemaScore, and was the most profitable film of the year (by net profit).[27] Bad Moms also earned a People's Choice Award for Best Comedy; The Edge of Seventeen garnered a Golden Globe nomination for Hailee Steinfeld;[28] and The Edge of Seventeen and The Gift both received DGA Best First-Time Feature Film Director nominations.[29][30] In 2016, STXfilms also released Jonás Cuarón's thriller Desierto[31] and The Space Between Us starring Gary Oldman and Asa Butterfield, which was nominated for Choice Sci-Fi Movie and Choice Sci-Fi Movie Actor at the 2017 Teen Choice Awards.[32] In January 2017, STXfilms released the horror thriller The Bye Bye Man which overperformed industry expectations with a $13.5 million domestic opening weekend.[33] In March 2017, STXfilms announced it would have an animation and family division and it will be kicked off by the Uglydoll movie, which is based on the David Horvath line of plush characters and will be directed by Robert Rodriguez.[34]

In the first half of 2017, the company announced the following projects: The Happytime Murders with Melissa McCarthy;[35] I Feel Pretty with Amy Schumer;[36] an untitled romantic comedy developed by and starring Anne Hathaway;[37] Gringo with Amazon Studios, starring Charlize Theron;[38] and Second Act, a romantic comedy starring Jennifer Lopez and directed by Peter Segal.[39] Six of STXfilms' first 11 films starred or were directed by women; the company's next seven releases (Their Finest, The Circle, Valerian and the City of a Thousand Planets, Molly's Game, Gringo, A Bad Moms Christmas and The Happytime Murders) also feature women in leading roles.[37]

In October 2017, STXfilms' The Foreigner, a co-production with Jackie Chan's Sparkle Roll Media, crossed $100 million in box office globally. The film was termed "a clear winner given that it cost just $35 million to produce" and "a fine example of how a Chinese co-production can work."[40][41][42]

STXinternational

In February 2017, STXinternational announced the opening of its UK headquarters and its first motion picture slate, which includes Breathe, directed by Andy Serkis and starring Andrew Garfield and Claire Foy, and selected as the opening night film of the London Film Festival;[43] Home Again, the directorial debut from Hallie Meyers-Shyer that stars Reese Witherspoon, Michael Sheen and Lake Bell;[44] Wind River, starring Jeremy Renner and Elizabeth Olsen and directed by Taylor Sheridan;[44] Adrift, directed by Baltasar Kormákur and set to star Shailene Woodley;[44] and Gringo, starring Charlize Theron, Thandie Newton, Joel Edgerton and Sharlto Copley.[44] At the 2017 Cannes Film Festival, STXinternational acquired the international rights to All the Money in the World, directed by Ridley Scott and starring Christopher Plummer, Michelle Williams and Mark Wahlberg.[45]

Television production

STXtv's first television project was the 13-episode series State of Affairs, which was developed by STX and sold to NBC.[3] The drama/thriller stars Katherine Heigl and Alfre Woodard.[46] It premiered on NBC on November 17, 2014.[47] STXtv also produced the NBC pilot Problem Child, based on the 1990 film of the same name.[48] In 2016, STXtv launched Number One Surprise, the first television show created by a US-based company specifically for broadcast in China. Its premiere on Hunan TV and digital platforms was viewed nearly 300 million times, and by March 2017 it was the #1 show in China with over 1 billion total views.[49][50] STX produced season 23 of the Emmy Award-winning program True Life, which will air on MTV starting in the fall of 2017, and the documentary series A Little Too Far, following American country musician Tyler Farr, which will air on Verizon's go90 streaming service.[51] In May 2017, STXtv announced it had acquired the first television project from Kevin Kwan, author of Crazy Rich Asians.[52]

In November 2017, STXtv announced its first scripted show, entitled Valley of the Boom a drama/documentary hybrid limited series about the ’90s tech boom from showrunner and director Matthew Carnahan (House of Lies) and executive producer Arianna Huffington. The show is set to air on NatGeo. [53]

Digital and VR

STXdigital is a creator, producer, distributor and marketer of original digital content. In August 2016, STXdigital acquired virtual reality studio Surreal, which was founded in 2015 and in its first year produced over 70 immersive VR experiences,[54] featuring Gordon Ramsay, Snoop Dogg, Jon Hamm, Jimmy Kimmel, Wolfgang Puck, Wiz Khalifa and others.[55] In 2017, STXsurreal was nominated for a Daytime Emmy Award in the interactive category for the Nickelodeon immersive short Nickelodeon's Ultimate Halloween Haunted House 360 Challenge,[56] and they took home a Shorty Award for Best Use of 360 Video alongside the Academy of Television Arts & Sciences and Facebook for their 360° production of the 68th Emmy Awards.[57] In June 2017, STXsurreal announced a partnership with media services agency Horizon Media, in which it would be the developer and producer for VR and immersive content for Horizon's new UNCVR unit.[58]

Management

Robert Simonds serves as chairman and CEO,[3] former Viacom Entertainment COO Tom McGrath serves as COO, Noah Fogelson is General Counsel and Executive Vice President of Corporate Strategy of the parent company, former Discovery Communications CFO Andrew Warren serves as CFO, and Patricia Rockenwagner, formerly of Condé Nast and Paramount Pictures, is Chief Communications Officer.[8][59][60] In September 2014, former Universal Pictures chairman Adam Fogelson[61] was hired as STX’s Chairman of the Motion Picture Group division.[4][62] In April 2016, David Kosse announced he would be leaving as CEO of British production company Film4 to join STX as president of its new STX International division.[63] Also that month, Punk'd creator Jason Goldberg signed on as head of STX Non-Scripted and Alternative Programming, which focuses on projects for the United States, China and India.[64]

STX's Board of Directors includes Robert Simonds; Bill McGlashan, founder and managing partner of TPG Growth; David Bonderman, founding partner of TPG; John Zhao, CEO of Hony Capital; film producer Gigi Pritzker, founder of Odd Lot Entertainment; Janice Lee, managing director of PCCW Media Group; Tracy Cui, a managing director at Hony Capital, overseeing investments in media and entertainment; Frank Biondi, the former president and CEO of Viacom and former chairman and CEO of Universal Studios; Dominic Ng, chairman and CEO of East West Bank; Carmen Chang, partner and managing director for New Enterprise Associates Asia; and Bruce Mann, Chief Programming Officer of Liberty Global.[65][66][67]

Divisions

  • STXfilms
    • STXfamily
  • STXtv
    • STXscripted
    • STXreality
  • STXdigital
    • STXsurreal (formerly Surreal Inc.)[15]
    • STXalternative
  • STXinternational

Filmography

Film

Year Film Release date Box office
Budget Gross
2015 The Gift August 7, 2015 $5 million $59.0 million[68]
Secret in Their Eyes November 20, 2015 $19.5 million $34.9 million[69]
2016 The Boy January 22, 2016 $10 million $64.2 million[70]
Hardcore Henry April 8, 2016 $2 million $16.8 million[71]
Free State of Jones June 24, 2016 $50 million $25.0 million[72]
Bad Moms July 29, 2016 $20 million $183.9 million[73]
Desierto October 14, 2016 $3 million $3.9 million[74]
The Edge of Seventeen November 18, 2016 $9 million $18.8 million[75]
2017 The Bye Bye Man January 13, 2017 $7.4 million $26.7 million[76]
The Space Between Us February 3, 2017 $30 million $14.8 million[77]
Their Finest April 7, 2017 £30 million[78] ($39 million) $12.3 million[79][80]
The Circle April 28, 2017 $18 million $40.6 million[81]
Valerian and the City of a Thousand Planets July 21, 2017 $177.2 million[82] $225.2 million[82][83]
The Foreigner October 13, 2017 $35 million $140.4 million[84]
A Bad Moms Christmas November 1, 2017 $28 million $130.6 million[85]
Molly's Game December 25, 2017[86] $30 million[87] $53.1 million [88]
2018 Den of Thieves January 19, 2018[89] $30 million[90] $59.6 million[91]

Upcoming films

Year Film Release date
2018 Gringo March 9, 2018[92]
I Feel Pretty April 27, 2018[93]
Adrift June 1, 2018[94]
Mile 22[95] July 20, 2018[96]
The Happytime Murders August 17, 2018[97]
Second Act November 21, 2018[98]
2019 Ugly Dolls May 10, 2019[99]
TBA Renegades
Peppermint [100][101][102]

In development

Title Ref(s)
Bad Dads [103]
Untitled Adam Sandler Animated Film [104]
Black Hole [105]
Joseph and the Amazing Technicolor Dreamcoat [106]
Untitled Eddie Murphy Animated Film [107]
Untitled Anne Hathaway Project [108]
Untitled Jennifer Aniston Project [109]
Untitled Dave Bautista Project [110]
Nobody [111]
Killer’s Game [112][113]
Steel Soldiers [114]
Den of Thieves 2 [115]

Television

Title Network Original running Notes
State of Affairs NBC 2014-2015 Co-produced with Universal Television, Abishag Productions, and Aardwolf Productions
Problem Child TBA Co-produced with Imagine TV and NBCUniversal; Pilot ordered in 2015
True Life MTV 2016 Co-produced the episode True Life: We Are Orlando
Number One Surprise Hunan TV
Mango TV
PPTV
2016–present Co-produced with XG Entertainment
A Little Too Farr go90 2017–present Co-produced with Tower 2 Productions
The Platinum Life E!
Valley of the Boom National Geographic TBA Co-produced with National Geographic
Untitled Kevin Kwan and David Sangalli Scripted Series[116] TBA

References

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  110. ^ http://deadline.com/2017/10/dave-bautista-stx-action-comedy-franchise-guardians-of-the-galaxy-blade-runner-2049-1202182825/
  111. ^ http://deadline.com/2018/01/bob-odenkirk-stx-nobody-atomic-blonde-john-wick-producers-1202241018/
  112. ^ https://www.hollywoodreporter.com/news/jason-statham-developing-action-film-stx-chinas-tencent-pictures-1074928
  113. ^ https://www.hollywoodreporter.com/heat-vision/jason-statham-dj-caruso-talks-killers-game-1084380
  114. ^ http://deadline.com/2018/02/stx-alibaba-team-on-sci-fi-action-film-steel-soldiers-1202279214/
  115. ^ http://deadline.com/2018/02/den-of-thieves-2-sequel-gerard-butler-50-cent-oshea-jackson-1202287504/
  116. ^ Sun, Rebecca (May 4, 2017). "'Crazy Rich Asians' Author Developing Scripted Series With STX (Exclusive)". The Hollywood Reporter. Retrieved July 20, 2017. 

External links

  • Official website
  • STX Entertainment on IMDbPro (subscription required)
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