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Friday, Oct 7, 2022
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Film Department Scraps Public Stock Offering

After months of delays, Film Department Holdings Inc., a small West Hollywood movie studio, has called off its initial public offering.

The company, best known for the Jamie Foxx film “Law Abiding Citizen,” had hoped to raise $85 million to finance future films and pay down debt. But, with little interest among prospective investors, the studio delayed its planned February IPO and cut its expected proceeds to $30 million.

In a Securities and Exchange Commission filing Wednesday, the company withdrew its prospectus, originally filed in December, and said it “does not intend to pursue the contemplated public offering at this time.”

In an interview with the Los Angeles Times, Film Department executives said they were in talks with investors and hoped to raise $200 million in debt and equity financing.

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