Production Company Behind ‘Euphoria’ and ‘Moonlight’ Nabs $225M Equity Investment To Expand
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A24 Productions, the company behind such LGBT themed popular entertainment like Euphoria and Moonlight just received a $225 million investment to expand production.
Above: Moonlight
Indie outfit A24 has landed an equity investment of $225 million, which will be used to expand the Moonlight and Euphoria outfit’s production and distribution.
Stripes serves as the lead investor for the round, with the investment group holding less than 10 percent of the company, placing A24’s valuation above $2.5 billion. Stripes’ founder Ken Fox will join A24’s board. Neuberger Berman, on behalf of client funds, co-led a group of investors in the round.
This equity marks the first raise for the company since initial seed funding by Eldridge, which remains a minority stakeholder in the company. A24 has long been at the center of sales speculations as entertainment companies continue to garner hefty pricetags. Kevin Mayer and Tom Staggs’ Candle Media acquired Reese Witherspoon’s Hello Sunshine ($900 million) and kids’ content giant Moonbug ($3 billion) and invested in Jada Pinkett Smith and Will Smith’s Westbrook Inc. Elsewhere, Apollo Funds took a minority stake in Legendary Entertainment for $760 million.
“A24 has established an unparalleled culture – one that puts their creators first. The authenticity of their brand provides all A24 stakeholders with a long runway for success. It’s truly a privilege to partner with this remarkable management team as they execute on their long-term strategic vision,” said Raman Gambhir, Portfolio Manager, Neuberger Berman.
Above: Euphoria
A24’s upcoming projects include Everything Everything All At Once, which will be opening the SXSW film festival, and Alex Garland’s Men.
