STX Entertainment Eyes ‘Transformative' Deal After Shelving IPO
- Tencent-backed filmmaker working on ‘exciting’ opportunity
- Firm lets Hong Kong IPO application lapse amid market turmoil
Robert Simonds
Photographer: Patrick T. Fallon/Bloomberg
This article is for subscribers only.
STX Entertainment, the U.S. filmmaker backed by internet giant Tencent Holdings Ltd., is pursuing a “transformative” deal after shelving a Hong Kong initial public offering, according to an internal memo seen by Bloomberg News.
The Burbank, California-based company let its IPO application lapse following recent market turmoil, according to the memo sent by STX Chairman Robert Simonds to employees. While preparing for the listing, it received approaches about opportunities that were “more attractive and value-creating,” Simonds said in the memo.