The studio’s CFO denied that the company is seeking to sell
The independent studio STX Entertainment is looking to merge, raise capital or find a buyer following a string of box office disappointments and the scuttling of a planned IPO last fall, TheWrap has learned.
Board members including Dominic Ng, CEO of East-West Bank, have met with deep-pocketed investors and Hollywood studios in recent weeks looking for a partner, two knowledgeable individuals told TheWrap.
But with high overhead that one knowledgeable insider set at $55 million a year, a minimal film library led by the 2016 hit comedy “Bad Moms” and a business strategy that so far has failed to show significant results, the five-year-old upstart has found no one willing to commit additional funding, those individuals said.
Ng denied that he was taking meetings to do a deal for STX: “I have nothing to do with personally getting involved in putting a deal together,” he told TheWrap. “That is news to me today.” He said he was unaware of anyone else doing so, but could not speak for the board.
Andy Warren, STX’s Chief Financial Officer, told TheWrap: “We are fortunate to have the resources, strategic vision and support of our…
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