STX, the studio behind films like “Bad Moms” and upcoming TV series like “Valley of the Boom,” has landed a new investment from John Malone’s Liberty Global.
The financial terms were not disclosed, but according to the Los Angeles Times the new deal values the company at about $1.5 billion.
With the funds, Liberty Global joins existing STX investors including Hony Capital, a private equity firm in China; PCCW, a cable and broadband service provider in Southeast Asia; Tencent Holdings, a provider of online products and services in China; Dominic Ng, chairman of East West Bank; DNS Capital (representing the business interests of Gigi Pritzker and her immediate family); and Beau Wrigley, former chairman and CEO of the Wm. Wrigley Jr. Company.
As part of the investment, Bruce Mann, chief programming officer of Liberty Global, will join STX's board of directors.
"Having one of the world's biggest content distributors incentivized in STX's continued success is gratifying confirmation of our brand and business strategy," said Robert Simonds, STX chairman and CEO, in a statement. "We look forward to benefiting from Bruce and Liberty Global's counsel to accelerate our plans for expansion."
"I am so pleased to be part of the team that made this investment in STX. In this unprecedented and transformative time in our industry, it is more imperative than ever to align with the best partners and most forward-looking leaders. With Bob, the STX team and its other sophisticated investors, I can't think of a more proven group to chart the course for the future of entertainment," said Mann in a statement.
STX’s film division recently released the U.S./China co-production "The Foreigner" with Jackie Chan and this month will release Aaron Sorkin’s “Molly’s Game.” Besides television, STX is also involved in virtual reality production. The VR division signed deals with Horizon Media to become its exclusive VR and 360 content provider and recently launched a dedicated channel on the Google Daydream platform.