Topline

A24, the independent film and television studio that has become an awards juggernaut and a critical favorite for its arthouse films, closed a big investment round led by billionaire Thrive Capital founder Josh Kushner that reportedly now values the company at $3.5 billion.

Key Facts

Thrive Capital invested $75 million into the studio, in addition to more support from existing investors, which brought the company’s valuation to $3.5 billion, according to multiple news outlets, citing unnamed sources.

The valuation reportedly marks a 40% increase over its previous round of funding in 2022, when a $225 million equity investment valued the company at $2.5 billion.

As part of the investment, Kushner—who is the brother of former President Donald Trump’s son-in-law Jared Kushner and the husband to model Karlie Kloss—will join A24’s board of directors.

A24 said in a statement to several news outlets it looks forward to “growing our support of groundbreaking storytellers and helping their voices reach audiences around the world” following the investment.

Deadline reported the studio plans to expand its production and distribution efforts, as well as invest in live theater, consumer products and music.

Forbes Valuation

Forbes estimates Kushner to be worth $3.6 billion as of Wednesday morning, making him the 896th richest person in the world. His stake in Thrive Capital is estimated to be worth about $3.5 billion.

Key Background

A24 launched in 2012 with plans to acquire films for distribution and produce a slate of original content. The studio distributed its first release, “A Glimpse Inside the Mind of Charles Swan III,” in 2013, though it was a critical and financial bomb. A24 broke through by distributing the 2013 film “Spring Breakers,” a polarizing film hailed by some critics that grossed more than six times its small $5 million budget. After years of distributing small-budget arthouse films, A24 had an awards breakthrough at the 2016 Academy Awards, with Brie Larson winning Best Actress for “Room,” “Ex Machina” winning Best Visual Effects and “Amy” winning Best Documentary Feature. The studio had a dominant awards season the following year with the critical favorite “Moonlight,” often ranked among the best films of the century and the studio’s first release to win Best Picture at the Oscars. A24 dominated the 2023 Academy Awards, becoming the first-ever studio to sweep the top six awards: “Everything Everywhere All at Once” took home Best Picture, Director, Actress, Supporting Actress and Supporting Actor, while “The Whale” won Best Actor. The studio won nine total awards from 18 nominations that year, the most of any studio. “Everything Everywhere All at Once” also became a slow-burn smash, eventually becoming the studio’s highest-grossing film ever and its first to top the $100 million mark at the box office. The studio ventured into bigger-budget films in 2024 with “Civil War,” a dystopian drama that cost $50 million to produce and grossed $121 million worldwide.

Tangent

The studio has found success with its television division, which launched in 2015. The A24 series “Euphoria” has won nine Emmy Awards, with star Zendaya winning two for lead actress in a drama. A24’s “Beef” also swept the limited series category at the latest Emmys ceremony, winning eight awards.

Surprising Fact

A24 is also known for its distinctive brand, having amassed what some publications consider a cult following, particularly among young moviegoers. IndieWire suggested A24 succeeded in cultivating brand loyalty, stating an “A24 movie” is known among cinephiles as “something a little weird and potentially cool, maybe great.” The studio is known for distributing films by auteur directors with large followings, like horror directors Ari Aster (known for “Hereditary” and “Midsommar”) and Robert Eggers (who directed “The Witch” and “The Lighthouse”). Other well-known A24 films include “Lady Bird” (2017), “Uncut Gems” (2019), “Talk To Me” (2023) and “The Iron Claw” (2023).

Further Reading

A24 Secures New Investment Round Led By Josh Kushner’s Thrive Capital (Deadline)

A24 Achieves Art-House Supremacy With Triumphant Oscar Night (The New York Times)

‘A24 finds the zeitgeist and sets the trend’: how a small indie producer came to dominate the Oscars (The Guardian)

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