An entertainment company backed by Fort Worth-based TPG Growth and China-based Hony Capital has hired business, finance and studio executive Michael Joe as chief operating officer of the motion picture group of the entertainment company STX Entertainment.
The announcement was made by Adam Fogelson, chairman of the STX Entertainment Motion Picture Group on April 20.
STX, a fully diversified entertainment company, is ramping up its development, production, and marketing of talent-driven film, television, and digital media content across worldwide, multi-platform distribution channels.
According to a recent Hollywood Reporter story, STX is working with Sylvester Stallone on a project and also has a film starring Texas actor Matthew McConaughey set during the Civil War, Free State of Jones, set for release in May.
Joe’s recruitment to STX signals the company’s focus on rounding out the Motion Picture Group team while the parent company expands into other lines of business, according to a company news release.
The company’s film studio is producing and distributing 12-15 major motion pictures a year and is backed by blue chip financial partners that include TPG Growth and Hony Capital.
Joe will be responsible for business operations and strategy for the company’s Motion Picture Group, where he will have oversight of the film studio’s business affairs and film financing activities as well as supervise STX’s home entertainment, on-demand and television licensing activities, including management of the company’s home entertainment relationship and its premium television partnership with Showtime. Joe will also be responsible for new growth-focused business development and partnership activities for STX’s film division. Additionally, Joe will work closely with Fogelson overseeing all aspects involving the business of the Motion Picture Group.
“I had the privilege of working with Michael for many years when we were together at Universal,” said Fogelson. “There are very few people in this industry with his depth or breadth of experience or understanding of our business. He is a disciplined and forward thinking leader whose financial acumen, business skills, and experience make him another extraordinary hire for our company and I am truly thrilled to be working with him again.”
Joe’s relationship with STX began in March of 2014 when the global media company closed a financing deal with Seer Capital, where he oversaw media and entertainment investments.
Joe has nearly 20 years of experience in the film business. He started his career in the motion picture industry in 1995 in the corporate development group at Universal Studios, and moved to Universal Pictures in late 1999 where he rose to Executive Vice President of the studio. During his 12 years at Universal Pictures he was responsible for business development, strategy, film financing, digital distribution and corporate oversight of Focus Features and Universal’s international production business.
In 2010, Joe left Universal Pictures and joined Relativity Media as President of the company. While at Relativity, he led the company’s efforts to become a domestic film distribution company, including negotiating the company’s long-term pay television arrangement with Netflix, acquiring Overture Films and negotiating a long-term home entertainment distribution arrangement with Fox.
In 2011, Joe joined Elliott & Associates, a New York-based hedge fund, where he was responsible for managing the firm’s entertainment investments, including a multi-year co-financing deal with Universal.
Since 2013, Joe has been Managing Director at Seer Capital, a New York-based investment firm, where he has been responsible for sourcing and managing the firm’s media and entertainment activities.
Joe is a graduate of Stanford University, and serves on the board of Film Independent.
STX Entertainment is led by accomplished businessman Robert Simonds and was co-founded by Bill McGlashan, managing partner of the growth division of leading global private investment firm TPG, which has $75 billion of capital under management. The Company’s Board of Directors includes prominent leaders in global finance and entertainment, including Frank Biondi, former President and CEO of Viacom Inc. and former Chairman and CEO of Universal Studios; Tony Vinciquerra, former Chairman and CEO of Fox Networks Group; Gigi Pritzker, CEO of Madison Wells Media; David Bonderman, founding partner of TPG; and John Zhao, CEO of Hony Capital, among others.
In addition to TPG Growth, other investors include financial partner Hony Capital, a leading private equity firm in China, DNS Capital (representing the business interests of Gigi Pritzker and her immediate family), and Beau Wrigley, former Chairman and CEO of the Wm. Wrigley Jr. Company, among others.