California-based entertainment and media company STX Entertainment has secured $700 million in new capital to fuel growth.
The round was led by U.S. venture capital firm TPG Growth and Chinese peer Hony Capital.
The additional funds, which include more than $100 million in equity, will help STX release more movies, grow its television business and pursue acquisitions.
In addition, the company, planning to release 15 movies this fiscal year, compared with about 10 in 2018, is considering deals to purchase assets including film libraries and international television production companies.