People aren’t seeing mid-budget movies. That’s only the start of STX Entertainment’s problems.
Several top executives, including veteran film executive Oren Aviv, Chief Operating Officer Tom McGrath and chief brand officer Patti Röckenwagner, have left this year.
They started with this big idea that there must be room at the buffet line for more than one kind of dish. Who says?“The concept, to me, was flawed,” said Tom Nunan, a former studio and network executive who teaches at the UCLA School of Theater, Film and Television. “They started with this big idea that there must be room at the buffet line for more than one kind of dish. Who says? Just because those movies don’t exist at the cineplex doesn’t mean people want them.
Additionally, there have been broader corporate setbacks. In October, STX canceled plans for an initial public offering in Hong Kong, due to stock market turbulence amid a broader cooling of the once red-hot China film market. The company had sought to raise as much as $500 million in new capital from the offering.
Executives maintain that STX can withstand film disappointments better than other studios because of its relatively small size , lower marketing costs, and ability to reduce risk on films because of its output deals with foreign distributors and co-financing partners. They say most of their films have been profitable, including Amy Schumer’s “I Feel Pretty,” Jennifer Lopez’s “Second Act,” Jackie Chan’s “The Foreigner” and the Gerard Butler crime thriller “Den of Thieves.
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