Apple was reportedly in talks to purchase Oscar-winning indie film studio A24, a current Apple TV+ production partner responsible for Sofia Coppola’s “On the Rocks.”
Citing sources familiar with the matter, Variety on Tuesday reports A24 recently explored a sale that valued the company between $2.5 billion and $3 billion. A number of potential suitors were engaged in acquisition talks over the past 18 months, though the studio has yet to ink a deal as it is prioritizing expansion, sources said.
Apple, one of the companies that discussed a takeover with A24, is in the middle of a multi-year arrangement that has the studio creating original movies for streaming on Apple TV+.
According to sources, Apple expressed interest in buying A24 when the partnership was announced in 2018. Others, however, claim acquisition talks were more recent. It is unclear what selling price, if any, was lofted during those discussions. Whether Apple is still investigating a purchase is also unknown.
A24 was founded in 2012 by Daniel Katz and David Fenkel. The studio’s first release, “A Glimpse Inside the Mind of Charles Swan III,” failed to make an impact on the Hollywood scene, but its later films, including Oscar-winner “Moonlight,” have enjoyed both commercial success and critical acclaim.
More recently, A24 has in part pivoted to streaming with productions like “Euphoria,” Hulu’s “Ramy” and Netflix’s “John Mulaney & The Sack Lunch Bunch,” the report notes.
Apple’s A24 partnership has so far produced “On the Rocks” and “Boys State,” with Scarlett Johansson vehicle “Bride” in the works.
According to today’s report, Apple has passed on “numerous” films proposed by A24.
News of Apple’s interest in A24 arrives as the streaming wars heat up. Segment leader Netflix continues to pour money into new originals, while up-and-comers like Amazon spend huge sums to build out their content libraries.
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