Bad Moms' Studio STX Entertainment Gets Funding From PCCW and Tencent
August 11 2016 - 9:10PM
Dow Jones News
STX Entertainment, a film studio that launched in 2014 with a
focus on midsize movies, has received investments from Hong Kong
telecom and media company PCCW Ltd. and Chinese internet powerhouse
Tencent Holdings Ltd.
STX, home to the movie "Bad Moms," also received funding from
East West Bancorp Inc. Chief Executive Dominic Ng and new capital
from existing backers including TPG Growth and Hony Capital.
The financing will help STX expand its television operations and
add capabilities in music and in digital categories like app-based
and virtual reality entertainment.
STX also reached content distribution deals with PCCW and
Tencent.
Financial terms weren't disclosed.
Prominent Chinese investors in the U.S. entertainment industry
include Dalian Wanda Group Co., which financed the boxing drama
"Southpaw" that was produced and released by Weinstein Co. The
Chinese conglomerate controls theater chain AMC Entertainment
Holdings Inc.
STX's first movie was "The Gift" in 2015. The company is
targeting 12 wide-release movies a year. Its television efforts
have included this year's formation of a non-scripted TV business
led by "Punk'd" co-creator Jason Goldberg.
In 2015, China's Huayi Bros. Media Corp. and STX announced a
three-year agreement to co-finance films.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
August 11, 2016 20:55 ET (00:55 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
PCCW (PK) (USOTC:PCCWY)
Historical Stock Chart
From Nov 2024 to Dec 2024
PCCW (PK) (USOTC:PCCWY)
Historical Stock Chart
From Dec 2023 to Dec 2024