Lionsgate, STX Deal Falls Through, Indie Studio Seeks to Close Najafi Deal (Exclusive)

WAXWORD

Lionsgate submitted a best and final offer in recent days that was well under the $173 million offered late last year by The Najafi Companies

Lionsgate will not be acquiring STX Entertainment, leaving the cash-strapped indie studio to close its deal with The Najafi Companies or find financing to cover its outstanding $150 million debt, TheWrap has learned. 

Lionsgate submitted a best and final offer in recent days that was well under the $173 million offered late last year by The Najafi Companies, an individual close to the negotiations told TheWrap, adding that the bid was rejected by STX founder Robert Simonds and his top executives.

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Sharon Waxman

Sharon Waxman, is the founder, CEO and Editor in Chief of TheWrap. She is an award-winning journalist and best-selling author, and was a Hollywood correspondent for The New York Times. Twitter: @sharonwaxman