After a series of film flops and an aborted initial public offering, STX Entertainment is battling mounting skepticism that it can survive in an increasingly unforgiving movie business. As it hustl…
,” “Poms,” and “Best of Enemies” and a lackluster track record of fielding hits. For this reason, STX may have difficulty in attracting top executive talent.Even as it looks to improve the quality and consistency of the movies it produces, STX is facing fierce box office headwinds. Mid-budget dramas, thrillers, and comedies of the kind that the studio primarily makes are being overshadowed at the multiplexes by superhero extravaganzas and franchise fare.
“We’re looking to raise capital to accelerate growth,” says Andy Warren, CFO of STX Entertainment. “That’s very different from raising capital to fund current operations.” When STX launched in 2014, it planned to up-end the movie landscape by producing the kind of star-driven, mid-budget films that major studios had abandoned in favor of sequels and comic book movies. That strategy hasn’t always worked, with only “Bad Moms” and “The Upside” producing impressive financial results.
STX is a privately held company, so it is not tracked by analysts. However, industry observers such as Vogel believe that the company’s ambitions, which at one point extended to consumer products and virtual reality, were too vast. He likens their issues to those of DreamWorks, a media company launched by Steven Spielberg, David Geffen, and Jeffrey Katzenberg that was never able to successfully compete with other entertainment conglomerates.
Others close to the company disputed that the studio is shortchanging “Hustlers,” which boasts a starry cast that includes Jennifer Lopez, rapper Cardi B, singer Lizzo, and Constance Wu. Another insider close to Lopez and producer Elaine Goldsmith Thomas said they are pleased with Fogelson’s commitment to the film. A trailer for “Hustlers” dropped on Tuesday night, attracting positive buzz on social media.
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