The Najafi Companies Closes Deal to Acquire Hollywood Studio STX Entertainment

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Apr 22, 2022, 18:09 ET

STX Entertainment Becomes Independent from Eros International

NEW YORK, April 22, 2022 /PRNewswire/ -- STX Entertainment today announced the closing of its sale to The Najafi Companies, an entrepreneurially driven private investment firm with significant holdings in consumer brands, media, ecommerce, sports, and technology. AS Birch Grove LP and 777 Partners provided financing.

Robert Simonds will serve as STX Chairman and Noah Fogelson, currently the President, will become the new CEO. Adam Fogelson will continue to serve as Chairman of the Motion Picture Group, Andrew Warren will continue as Chief Financial Officer, and John Friedberg will continue overseeing the international and acquisitions divisions for the Motion Picture Group out of the Company's London office.

The completion of the deal solidifies STX Entertainment's independence from Eros International. As an independent company, this transaction will serve as a growth engine to develop, market and distribute content globally through multiple distribution channels including theatrical releases, international and direct to streaming services as well as video on demand. After a successful 18 months of notable projects including The Gentlemen, My Spy, The Mauritanian, The Contractor, and Queenpins, the studio has also expanded into television with the debut of the hit reality show, FBoy Island on HBO Max.

"At a time when the demand for global content has never been greater, we are very excited about this rare opportunity to acquire STX Entertainment, one of the only remaining independent studios. As investors, we are long-term minded, and we believe in the power of storytelling and fostering a studio that is friendly to storytellers," said Jahm Najafi, Founder and CEO of The Najafi Companies. "We have the utmost respect for this +100-year-old ecosystem, and we look forward to supporting this partnership and the ways modern entertainment studios are evolving in the future."

"The closing of this deal signifies STX's position of leadership and its hopeful future within the film and television industry," said Robert Simonds, Chairman of STX. "We are excited to work alongside this highly respected investment company and are thankful for their continued support as we expand our library of star-driven content. We have solidified our international reputation and notable ambitions thus far, and we look forward to continually proving ourselves with each project we push forward."

"In a relatively short amount of time, STX has helped create and distribute over 70 movies, many with stars and filmmakers who have made multiple projects with us," said Noah Fogelson, STX CEO "From The Gift, Bad Moms and Hustlers, to The Upside, Molly's Game, Greenland and upcoming Operation Fortune, the studio has, despite many headwinds, cemented a place in the industry. We're thrilled that an investor as savvy as Jahm (Najafi) and The Najafi Companies see the value of the platform today, and also what's possible tomorrow."

About STX Entertainment

STX Entertainment is a next-generation film and television studio that produces, acquires, distributes, and markets content at scale. From blockbusters like Greenland, Hustlers, Bad Moms, and The Upside to hits like The Gentlemen, Molly's Game, and The Gift, STX produces star-driven films for a global audience. With a wide range of partners including Universal Pictures Home Entertainment and Showtime (which handle the physical and premium television releases of STX Entertainment content, respectively), the studio is a fast-growing, industry powerhouse. Most recently, STX Entertainment has expanded into the television space with the hit reality show, FBoy Island which premiered on HBOMax and has since been renewed for a second season. Upcoming projects include Ferrari starring Adam Driver and directed by Michael Mann, Muscle starring Vin Diesel, and Greenland 2: Migration, the sequel to the global hit starring Gerard Butler as well as a number of direct to platform productions like Night Wolf starring Kevin Hart, I Slept with Joey Ramone starring Pete Davidson, and My Spy 2 starring Dave Bautista.

About The Najafi Companies

The Najafi Companies is an entrepreneurially driven private investment company founded by Jahm Najafi in 2002. The Company makes investments across industries, with significant holdings in consumer, media, brands, ecommerce, tech and sports. The Najafi Companies is not a fund and does not manage third-party capital. By utilizing its own capital, the team is empowered to be extremely selective, think long-term, move quickly and operate in true alignment with management. Their passion is to invest, acquire businesses and create value in areas that are underserved or undergoing rapid transformation. And the Company's mission is to "do well and do good," and partner with world-class, entrepreneurial teams. Najafi is based in Phoenix with offices in Los Angeles and New York. To learn more, visit www.najafi.com

Press Contact:
Alyx Sealy, Hiltzik Strategies (STX)
[email protected]

Megan Wahl, Lavidge (The Najafi Companies)
[email protected]

SOURCE STX Entertainment