STX is shuttering its UK operation, we understand, with most staff currently in consultation about their options. There will be a number of layoffs.
STX declined comment on the situation, which by our estimate could impact at least twelve employees.
When it opened in 2017, STX’s impressive and large London office was a talking point among UK distributors. The studio always struggled to fill the vast top-floor space on the Strand and it seems that the overhead and expense of UK distribution is no longer viable.
There are rumors that the latest round of cuts will extend to the US — that team has already been significantly streamlined — but those have yet to be substantiated.
The studio continues to transition to a new model following its split from Eros and acquisition by the Najafi Companies earlier this year.
This week we revealed that the company is tying up with Lionsgate for its domestic distribution and marketing and that longtime film chief Adam Fogelson has moved from STX to Lionsgate. Earlier this summer we revealed that STX International head John Friedberg has partnered with Teddy Schwarzman to form Black Bear International.
The company began distributing in the UK back in 2017. Releases included American Animals, The Upside, Hustlers, 21 bridges and My Spy. Releases in 2021 included I Care A Lot, The Mauritanian, Copshop and Spencer.
STX will continue as a film and TV operation but its new shape is still forming.