A24 recently explored a possible sale, with the indie film studio floating an asking price of $2.5 billion to $3 billion
had “hung a billion-dollar price tag around its neck,” A24 has been internally hesitant to cross the finish line and hand over the keys.Founded in 2012 with seed money from Guggenheim Partners, where co-founder Katz formerly led the film finance group, the company released its first feature with 2013’s “A Glimpse Inside the Mind of Charles Swan III.
A24 declined to comment. A spokesperson for Apple did not immediately respond to a request for comment. This is not the first time A24 has been out in the market looking for capital and potential partnerships. Following the success of “Moonlight,” which won the Oscar in 2016 for best picture, the company engaged in a roadshow with some of the major studios, one knowledgeable source said, seeking significant financing and some form of joint venture. Talks ended quickly as A24 was unwilling to offer any equity in their business, added the source.
“What’s the asset?” asked one film executive, pointing to A24’s modest library, recent selloffs to digital players like Hulu and Amazon . The Apple slate is not as cut and dried as it seems, added multiple people familiar with that arrangement. Sold to the town as a “put deal,” where a distributor is required to release an agreed-upon slate of films, the sources said Apple has passed on numerous titles that A24 hoped to go to Apple TV Plus subscribers.
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