Why Did Silicon Valley Bank Collapse?

And nearly as likely to win the unofficial award for studio of the year is the one behind “Everything Everywhere,” A24, which could outdo the likes of Disney and Netflix in racking up Oscars. A big night would cement the indie darling’s status as Hollywood’s top arbiter of cool — and award-winning — movies.

It has been a decade in the making. Founded in 2012 and named after an Italian highway, A24 had the same ambitions as predecessors like Miramax: Produce critically lauded hits. But it has eschewed traditional marketing models in favor of social media-driven virality, with a slate of films that tended toward genres like horror or were made by up-and-coming directors. A24 has also maintained an aura of secrecy and quirkiness, which has helped stoke a fiercely loyal following.

The studio’s bet has paid off handsomely. It has put out a stable that includes prize-winners like “Moonlight,” “Room” and “Ex Machina” and buzzy titles like “Midsommar,” “Spring Breakers” and “The Lighthouse.” (The one hitch: None has ever grossed even $108 million.) This year has been its best showing yet, with “Everything Everywhere” predicted to win many of the 11 awards for which the film has been nominated and other movies, including “Aftersun” and “The Whale,” also contenders for Oscar gold.

Less known is A24’s well-heeled backing. Behind its hipster trappings has always been some serious money. Daniel Katz, one of the founders, was head of film finance at the investment firm Guggenheim Partners, which provided seed money. A longtime backer is Eldridge, the conglomerate run by the billionaire Todd Boehly. And last year, the company raised $225 million at a $2.5 billion valuation, led by the investment firm Stripes and the asset manager Neuberger Berman.

Where does A24 go from here? The studio has been a frequent focus of sales talks. Tech giants like Apple and Amazon have been floated as potential buyers, as well as financial players like Blackstone.

The rub is what possible suitors think about spending on a studio whose movies have never been financial home runs, in an age of increasingly tight budgets. But one thing works in A24’s favor: For many cinephiles, there are movies — and then there are A24 movies.

• In other Oscars news, The Times’s Brooks Barnes reports on how the Academy of Motion Picture Arts and Sciences is rethinking the ceremony to hold on to viewers — and preserve its own future. Here’s an interesting discussion from the Vulture podcast “Into It” about why the Oscars aren’t rewarding blockbusters. And The New York Times Magazine took a deep dive into the brutal competition that is Oscars campaign season.

The Newsmaker: Bjorn Gulden, Adidas C.E.O.

Article source: https://www.nytimes.com/2023/03/11/business/dealbook/silicon-valley-bank-collapse.html