Independent film distributor Magnolia Pictures is exploring a potential sale, a person familiar with the process confirmed. Hollywood journalist.
Magnolia, which is owned by Mark Cuban and Todd Wagner’s 2929 Entertainment, is looking to capitalize on the demand for library content by streaming services. Streaming services attached to studios like Paramount + and HBO Max are looking to subsidize their own film libraries with external tariffs, while companies without studios like Netflix or Apple want to expand their offerings.
Magnolia has around 500 movies in her library, including the recent Sundance photo Help and the documentary Black fish. Magnolia, like other independent distributors, typically acquires films from the festival circuit for wider distribution.
The New York Times first reported on sales efforts.
Magnolia is exploring what appears to be a seller’s market, with a number of recent deals highlighting demand for content. Last April, ViacomCBS took a 49% stake in Miramax’s 700 film library, with titles from this collection available to stream on Paramount +. And, in July, Lionsgate won 200 titles and a 20% stake in Spyglass Media.
At the high end, Amazon has struck a deal to acquire MGM and its 4,000-title movie library for nearly $ 8.5 billion, while elsewhere, Reese Witherspoon has sold a controlling stake in its Hello Sunshine to a new company founded by former Disney executives Kevin Mayer and Tom Staggs. The same company is exploring an acquisition in Westbrook Inc. from Will and Jada Pinkett Smith, while SpringHill from LeBron James and Maverick Carter is in talks for an investment by RedBird Capital.