Possible scenarios for a deal have included merging with standalone players or an outright absorption by a tech giant.
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The company has grown to the point where it has over 100 employees and maintains offices in Manhattan and Los Angeles.
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While one top content broker said the company founded in 2013 by Daniel Katz and David Fenkel 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.įounded 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.” That movie didn’t make much of a splash critically or commercially, but A24 rebounded with buzzy titles such as “The Spectacular Now” and “Under the Skin,” becoming a favorite landing spot for auteurs. In this heady environment, the A24 auction could be robust as media and tech giants look to bulk up on as much content and IP assets as they can grab. Reese Witherspoon’s Hello Sunshine content banner has quietly begun seeking a sale or a partner in a deal that would value the company as high as $1 billion transaction. Initially, the $2.5 billion-plus price tag drew some skepticism, but the media landscape has changed dramatically in just the past 12 months.Īmazon has set a deal to acquire MGM for $8.6 billion, a price that also seemed sky-high to industry insiders. Sources close to A24 said the company is focused on expansion and is not prioritizing a sale.
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It’s unclear if those discussions continue to be ongoing. Sources familiar with the situation tell Variety that the Oscar-winning shop behind “Moonlight” and “Uncut Gems” has engaged with numerous potential suitors for more than 18 months.
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A24 recently explored a possible sale, with the indie film studio floating an asking price of between $2.5 billion to $3 billion.