Who could buy the film studio behind “Moonlight” and “Lady Bird”?

The company has carved out a small but powerful niche of releasing original movies for adults at a time when seemingly everything else in theaters is a superhero sequel.

The pending Amazon-MGM and WarnerMedia-Discovery deals have set off another round of speculation about media consolidation, as tech companies and Hollywood studios look to bolster their libraries with valuable intellectual property. But the latest potential deal is a lot different from the rest.

A24, the award-winning independent film studio and distributor behind films like Moonlight, Lady Bird, and Hereditary, has recently explored a sale, according to Variety. The company’s asking price was reportedly as much as $3 billion—about a third of the amount Amazon paid to acquire MGM in May. A24—which is majority-owned David Fenkel and Daniel Katz, two of its founders—did not respond to a request for comment, and it’s unclear if sales talks are still ongoing.

To a potential suitor, the real value of A24—whose films have earned more than 30 Oscar nominations since it was founded in 2013—is its unique brand identity. The company’s films individually don’t smash the box office. (Hereditary, a 2018 horror film, is its highest-grossing title at $80 million).

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