Tencent and PCCW Invest in STX Entertainment

Tencent and PCCW invest in STX Entertainment
STX Entertainment recently revealed that it has received significant strategic investments from PCCW and Tencent Holdings, in exchange for equity stakes.

STX also received new investments from East West Bank’s Dominic Ng as well as existing investors TPG Growth, Hony Capital, business interests of Gigi Pritzker, Michael Pucker and their immediate family and William Wrigley Jr. Proceeds from the investments will be used to accelerate STX’s expansion into a fully integrated and diversified media company, designed to capture new global opportunities arising from a rapidly evolving media landscape.

STX has plans to expand its television and international operations, and add high-quality, full-scale capabilities across music and digital, including short-form, app-based and virtual reality/immersive entertainment. This partnership will broaden content capabilities and allow STX to develop and distribute compelling content across traditional and emerging platforms at scale.

“Whether it’s through television, apps, video games, social media, film or any other medium, we’ve created the only company with the infrastructure, reach and industry expertise to incubate, generate and distribute content for all platforms, on a global scale,” said Robert Simonds, Chairman & CEO of STX Entertainment.

Tencent and PCCW invest in STX Entertainment
Tencent and PCCW invest in STX Entertainment

STX has plans to distribute films and scripted television across PCCW’s pay TV and OTT platforms that will reach viewers in Hong Kong, Southeast Asia and India. It will also be providing original and first-run Hollywood content and co-create regional programmes for distribution across its television and digital channels and OTT services in the region.

“The new alliance represents an important milestone in expanding PCCW’s strategic investments into compelling content creation, not simply for audiences in Hong Kong but also for international audiences,” said Janice Lee, Managing Director of PCCW Media Group.

Tencent have entered into respective content distribution agreements with the Company.

Financial terms were not disclosed.

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