‘Moonlight,’ ‘Euphoria’ studio A24 raises $225 million amid Hollywood deal frenzy

A boy and a man sitting side by side on a beach
Alex R. Hibbert as Little and Mahershala Ali as Juan in the film “Moonlight.”

A24, the independent studio behind the Oscar-winning “Moonlight” and HBO’s “Euphoria,” has closed an equity investment of $225 million to fund expansion plans.

New York-based A24 said Wednesday it would use the capital to grow its production and distribution business and develop other initiatives.

The funding round was led by Stripes, a firm founded by New York investor Ken Fox, who will have a seat on A24’s board. The group of new investors will hold less than 10% of A24.


The deal values the company at about $2.5 billion, according to people familiar with the deal who were not authorized to comment.

A24 is the latest entertainment company to raise capital or sell an equity stake amid a frenzy of deal making in the entertainment space, as investors look to buy into the surging demand for content on streaming services.

Reese Witherspoon’s Hello Sunshine sold a majority stake valuing the “Big Little Lies” firm at $900 million. LeBron James and Maverick Carter’s SpringHill Co. secured a private equity deal placing the company’s valuation at $725 million. “Dune” studio Legendary Entertainment in January sold a minority stake to Apollo Global for $760 million.

Founded in 2012, A24 made a name for itself by releasing edgy independent films such as “Spring Breakers.” It became known for critically acclaimed movies such as the Safdie brothers’ “Uncut Gems” starring Adam Sandler and Greta Gerwig’s “Lady Bird.” Its queer Black drama “Moonlight,” from Barry Jenkins, won the Oscar for best picture in 2017.

Speculation has swirled around A24 for years. The company had long remained reluctant to take on outside investors, despite rumblings that Apple had kicked the tires.

The deal marks the first equity raise for A24 since the initial seed funding by Eldridge, which remains a minority stakeholder, the company said.


The theatrical box office market for indie films has struggled to recover from the COVID-19 pandemic, as more adult-skewing movies head to streaming.