Graduated from the Wharton School at the University of Pennsylvania. Held a degree in law from Harvard.
Worked as movie lawyer for Paramount and Columbia studios.
Became a motion picture producer, after purchasing the rights for Larry Mc Murtry's novel 'The Last Picture Show'. Formed the production company Kings Road Entertainment in 1984.
Peter Bogdanovich opens his The Last Picture Show (1971) commentary track on the DVD with, "I don't know who this person (Stephen Friedman) is. I never met him. He had nothing to do with the picture." Yet Friedman was nominated for Best Picture since he was the film's producer.