STX Entertainment has hired technology executive James Loftus as senior VP of business development and operations at its STX Digital arm.
Loftus will be responsible for strategizing and accelerating business initiatives, partnerships and growth in the digital arena. His hiring comes three months after STX brought on former Yahoo exec Kathy Savitt as president of STX Digital.
STX was launched in 2014 by film producer Robert Simonds and TPG managing partner Bill McGlashan to produce projects in the $20 million to $80 million budget range — an area largely vacated by the studios in favor of superhero movies. Its first film, “The Gift,” was a solid performer with $43 million in the U.S. while its Julia Roberts drama “The Secret in Their Eyes” generated a modest $20 million; its next major release is Matthew McConaughey’s “The Free State of Jones.”
Loftus joins STX from Silicon Valley venture capital firm Andreessen Horowitz (a16z), where he was a partner. He will be based out of STX’s newly established offices in Cupertino, Calif., and divide his time between Northern California and the company’s Burbank headquarters.
Loftus was previously VP and co-head of corporate development at Yahoo. He also worked at Google on investments, mergers and acquisitions and began his career practicing corporate law in the mergers and acquisitions department of Shearman & Sterling LLP’s New York office.
STX President Sophie Watts said, “Last year we successfully launched our motion picture division, and the addition of James to STX signals our commitment to the same aggressive growth strategy with our digital initiatives. We are thrilled to bring him on board at STX as one of the lead strategic architects helping to position the company for the future.”