STX to Receive Financing From China’s Tencent, Hong Kong’s PCCW (Report)

China’s Tencent and Hong Kong’s PCCW are among a group of new investors said to be providing financing to Hollywood studio STX Entertainment.

According to reports by the U.K.’s Sky News, STX is currently seeking a round of new finance. Investors may be announced this week.

Tencent spokesman declined to comment.

Tencent is China’s largest social media conglomerate with massive positions that make it the leader in chat apps, online music, and games. Last week it emerged on the winning side in the ride hailing business after Uber decided to stop competing in China and instead merge with Didi Chuxing, in which Tencent and Alibaba are major investors.

PCCW emerged from the rump of the former cable and wireless company, and has been Hong Kong’s dominant fixed line phone supplier and its leading broadband internet provider. That position allowed it to become a major player in IPTV in Hong Kong. Latterly it is rolling out its OTT video streaming business Viu around the Asia region.

STX has other Chinese connections. It currently counts Hony Capital among its investors, and it has a deal with China’s Huayi Brothers to produce 18 movies together.

The company was founded by Robert Simonds and Bill McGlashan with a remit to produce movies that differ from the major studios’ superhero franchises.

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