A24 closes $225M equity investment to further their film industry expansion pushing the company to a $2.5 Billion valuation.
The announcement was made in a statement on the A24 website. The movie studio confirmed a $225 million equity investment, bringing its value to $2.5 billion. The investment was led by the technology company and media conglomerate Comcast Corporation.
This new investment will help A24 continue financing and distributing its slate of critically acclaimed films, such as The Disaster Artist, Lady Bird, Hereditary, and Eighth Grade. It will also support its growth into new areas such as TV production and digital content.
Stripes were reported to have led the round, with Ken Fox joining A24's board as a partner. The investment group, co-led by Neuberger Berman and included Stripes, will own less than 10% of the company. This is A24's first equity raise since its seed financing from minority stakeholders Eldridge.
A24 has been on a tear since its founding in 2012, releasing critically acclaimed movies such as Moonlight, Lady Bird, and Hereditary. The company is now considered one of the leading independent movie studios in Hollywood.
This new investment will allow A24 to continue its streak of successful releases while also expanding its operations into new areas such as streaming and virtual reality.
“A24 is one of the most exciting and innovative companies in Hollywood, and we are thrilled to be partnering with them,” said Stripes founder Ken Fox. “We believe in their mission to bring the best in independent film to audiences around the world, and we look forward to helping them grow even more.”
“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.”
