{"id":126650,"date":"2022-04-14T23:49:59","date_gmt":"2022-04-14T23:49:59","guid":{"rendered":"https:\/\/fin2me.com\/?p=126650"},"modified":"2022-04-14T23:49:59","modified_gmt":"2022-04-14T23:49:59","slug":"stx-trims-theatrical-distribution-marketing-in-pivot-toward-more-hybrid-streaming-releases","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/stx-trims-theatrical-distribution-marketing-in-pivot-toward-more-hybrid-streaming-releases\/","title":{"rendered":"STX Trims Theatrical Distribution & Marketing In Pivot Toward More Hybrid & Streaming Releases"},"content":{"rendered":"

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

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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. 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