Known for art house films, Oscar contenders and prestige horror flicks, indie studio A24 has landed a new round of funding led by venture capital firm Thrive Capital.
The studio declined to disclose the size of the funding round.
But the capital raise increased the company’s valuation to about $3.5 billion, up 40% from its most recent funding round, according to a person familiar with the matter who wasn’t authorized to comment.
That first fund raise was in 2022 and consisted of $225 million led by investment firm Stripes, which put the studio’s valuation at the time at $2.5 billion.
New York-based A24 said in a statement that it was “thrilled” to be working with Thrive Capital, “whose unique expertise will be invaluable in our growth.”
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Thrive Capital, which is also based in New York, has typically invested in internet and software companies. The venture capital firm previously backed tech giants such as Instagram, Spotify and payment processing firm Stripe. Thrive Capital founder Josh Kushner will join A24’s board of directors.
“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,” Thrive Capital said in a statement.
A24 is coming off a successful run for its political apocalyptic thriller “Civil War,” which came out in April and is its biggest-budget film to date, costing $50 million to produce. The film, starring Kirsten Dunst, grossed more than $120 million at the global box office.
The studio has developed a loyal following for its complex, critically acclaimed films, including “Uncut Gems,” “Hereditary” and “Lady Bird.” Its releases “Everything Everywhere All at Once” and “Moonlight” won Oscars for best picture.
A24’s efforts in TV have included the HBO hit “Euphoria” and the oddball Showtime satire “The Curse.”
President Biden’s top antitrust enforcers have promised to sue monopolies and block big mergers — a cornerstone of the administration’s economic agenda to restore competition to the economy.
Below are 15 major cases brought by the Justice Department and Federal Trade Commission since late 2020 (including cases against Google and Meta initially filed during the Trump administration just before Mr. Biden took office).
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The government has won several but not all the cases. And with only a few months remaining for the current administration, the number of suits is climbing, as regulators go after dominant companies in tech, pharmaceuticals, finance and even groceries.
new video loaded: Federal Reserve Cuts Interest Rates for the First Time in Four Years
transcript
transcript
Federal Reserve Cuts Interest Rates for the First Time in Four Years
Jerome H. Powell, the Fed chair, said that the central bank would take future interest rate cuts “meeting by meeting” after lowering rates by a half percentage point, an unusually large move.
Today, the Federal Open Market Committee decided to reduce the degree of policy restraint by lowering our policy interest rate by a half percentage point. Our patient approach over the past year has paid dividends. Inflation is now much closer to our objective, and we have gained greater confidence that inflation is moving sustainably toward 2 percent. We’re going to take it meeting by meeting. As I mentioned, there’s no sense that the committee feels it’s in a rush to do this. We made a good, strong start to this, and that’s really, frankly, a sign of our confidence — confidence that inflation is coming down.