A24 has closed an investment round led by Thrive Capital, the New York investment firm of Josh Kushner, who will join the indie distributor’s board of directors.
The company also received increased support from existing investors who participated in the previous round including Ken Fox’s private equity firm Stripes, and investment fund Neuberger Berman.
There was no dollar figure given in the announcement of the fund raise, the company’s second. In 2022, it secured a $225 million equity investment led by Stripes that valued A24 at $2.5 billion. Deadline hears the investment announced today reps an increase in valuation of 40% since then, valuing it at just over $3.5 billion.
Nor did the company behind Civil War and Beef specify how it will use the funds. Deadline hears it will invest in and expand production and distribution and continue work on initiatives beyond the screen from music and publishing to consumer products and live theater. Its complementary businesses include production and management firm 2AM, makeup and skin care brand Half Magic, and NYC’s Cherry Lane Theatre.
Josh Kushner, brother of Donald Trump’s son-in-law Jared Kushner, has backed Open AI, Instagram, Spotify and Stripe, to name a few and Thrive has about $16 billion in assets under management. He is married to supermodel Karlie Kloss. The couple are working to revive iconic Life magazine under a licensing agreement with Dotdash Meredith.
“At Thrive we aim to invest in category defining businesses across every industry. In A24, we see a company bringing extraordinary talent and creativity together with business model and technology innovation to reinvent entertainment for the modern age. We are honored to partner with them,” Thrive said.
A24 said it’s“thrilled to be working with Thrive Capital whose unique expertise will be invaluable in our growth. With Thrive, alongside our existing partners, we look forward to growing our support of groundbreaking storytellers and helping their voices reach audiences around the world.”
A24 received initial seed funding from Tod Boehly’s Eldridge Industries at its 2012 launch.
Since then, it’s built a premium library of over 150 films (Civil War,Everything Everywhere All At Once, Midsommar, Moonlight, Uncut Gems, the remastered rerelease of the Talking Heads’ Stop Making Sense) and 50 television series (Euphoria, Beef, Ramy, The Sympathizer), garnering critical acclaim, commercial success, a haul of Oscars, Golden Globes and Emmys and a passionate fan base.
Upcoming from the studio — The Smashing Machine starring Dwayne “The Rock” Johnson and Emily Blunt; High and Low directed by Spike Lee starring Denzel Washington, We Live in Time starring Florence Pugh and Andrew Garfield, Heretic starring Hugh Grant, Babygirl starring Nicole Kidman and Harris Dickinson; Eddington starring Joaquin Phoenix, Pedro Pascal and Emma Stone.
Deadline hears that with this latest fundraise, external investors own about 12.5% of the company, with A24 founders, Daniel Katz, David Fenkel and John Hodges, and employees maintaining a significant majority.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
