EXCLUSIVE: <\/strong>We hear that STX Entertainment has made cuts in notably its theatrical distribution and marketing departments in the lower level executive tiers and down.<\/p>\n

The news comes as STX is pivoting away from 12 theatrical releases a year, and more toward a multi-tiered distribution model. STX plans to make 15 films a year with five destined for the big screen and the balance split between straight-to-streaming, or international theatrical distributed\/PVOD-or direct-to-streaming titles.<\/p>\n

STX is currently re-organizing itself financially; de-merging from Eros, and segueing to the Najafi Companies. There was an option on the table to have STX absorbed by Lionsgate, both library and staff; a bid STX full-out rejected, I hear, so that they can remain an independent studio. Two films were placed separately in bankruptcy under shell companies of late, Greenland 2 <\/em>and the Chris Pine-Ben Foster movie The Contractor. <\/em>This was a means of protecting those features so the studio can monetize them on the other side of completing its transaction with Najafi.<\/p>\n

Many have perceived that move by STX as re-arranging deck chairs on the Titanic; I hear that’s not the case and a lot of this agita has to do with the divorce from Eros. Once STX has its house of cards in order, they plan to re-hire in other departments.<\/p>\n

The Contractor <\/em>was sold to Showtime in a deal north of an estimated $15M. The movie received a limited theatrical release on April 1 and to date has earned $1M. The pic’s financier 30West filmed a complaint in a U.S. Bankruptcy Court in New Orleans asking for them to dismiss the chapter 11 case, and claiming that STX failed to make $8.4M in contract payments. The bankruptcy filing automatically prohibited 30West from ending its defaulted deal with STX. 30West was seeking to end its contract and reclaim the movie.<\/p>\n

Michael Viane, STX’s co-president of theatrical distribution recently went over to Comscore as their Head of Global Revenue. Head of theatrical distribution Kevin Grayson remains in addition to STXfilms Chairman Adam Fogelson, Co-President and General Counsel Noah Fogelson, Production Boss Sam Brown, President of Marketing Keri Moore and President of Media and Marketing Amy Elkins among other senior level executives.<\/p>\n

When reached, STX provided no comment.<\/p>\n

 <\/p>\n

Must Read Stories<\/h2>\n

CEO Addresses CNN\u2019s Future & Looming Staff Cuts At Warner Bros Discovery Town Hall<\/h3>\n

<\/p>\n

‘Fantastic Beasts’ Sequel Eyes $157M Global By Easter; $1.6M Day 1 For ‘Father Stu’<\/h3>\n

<\/p>\n

HBO Max Orders \u2018Dead Boy Detectives\u2019 Series Based On DC Characters; Stars Set<\/h3>\n

<\/p>\n

‘The Offer’ Spins Mafia Tale About ‘Godfather’ That’s More Fiction Than Fact: Peter Bart<\/h3>\n

<\/p>\n

Read More About:<\/h2>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

EXCLUSIVE: We hear that STX Entertainment has made cuts in notably its theatrical distribution and marketing departments in the lower level executive tiers and down. […]<\/p>\n","protected":false},"author":3,"featured_media":126649,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"\n