Jeff Robinov's Studio 8 Seeks to Raise $200M
The company is working with investment bank the Raine Group to find additional equity investors to finance new film and television projects.
Jeff Robinov's Studio 8 is looking to raise $200 million in fresh financing to bankroll additional film and television projects, a person with knowledge of the plan tells THR.
The company, whose largest shareholder is Chinese conglomerate Fosun Group, is finally set to release its first original film projects later this year — White Boy Rick, starring Matthew McConaughey, and Alpha, directed by Albert Hughes.
Studio 8 is now working with boutique investment bank the Raine Group to find additional investors to purchase equity stakes and raise a target $200 million. The company is looking to both China and other international investors for the financing. Fosun is said to be considering additional investment in Studio 8, but no decision has been made.
Bloomberg was first to report the news.
Robinov set up Studio 8 in 2014 following a storied run as head of Warner Bros., where he helped birth films and franchises such as The Matrix, Harry Potter, Gravity, Inception, The Hangover, The Dark Knight and more. But Studio 8 has gotten off to a slower start than many expected, with Ang Lee's underperforming Billy Lynn's Long Halftime Walk its only co-produced title to date.
Recent moves suggest Robinov has his sights set on 2018 as a turning point. Studio 8 bolstered its development team in January with several hires, and former Sony Pictures Television chairman Steve Mosko is set to join Robinov as a partner and head of the company's television operation.
Studio 8's White Boy Rick is due to open Aug. 17, while Alpha opens Sept. 14. The company is releasing both movies via Sony Pictures.