Bad Moms' Studio STX Entertainment Gets Funding From PCCW and Tencent

By Josh Beckerman 

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 [e-mail]

(END) Dow Jones Newswires

August 11, 2016 19:51 ET (23:51 GMT)

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