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STX Entertainment Files For Hong Kong Stock Exchange Listing

STX Entertainment, as has long been suggested would be the case, has filed for an IPO on the Hong Kong stock exchange. If accepted, the proposal would make Bob Simonds’ fledgling studio the first U.S.-based entertainment company to go public on the Hong Kong exchange.

The company was valued at $1.5B last year, however, it has been reported previously that the company could be valued as high as $3.5B after the IPO. Since its inception, STX has been modeling itself to become a major entertainment company along the lines of Viacom and this is yet another step in the path to achieve that goal.

STX Entertainment CEO Simonds has been hinting that they might go public for some two and a half years now when China’s Tencent and Hong Kong telecom giant PCCW led an investment round in STX with the specific aim of building a studio.

The U.S. exchange is different from Hong Kong in that overseas there is a multi-step process with extreme vetting and then they look at who is sponsoring the company. In this case, STX Entertainment is being sponsored by Goldman Sachs and JP Morgan, as the filing shows. It also doesn’t hurt that TPG Growth’s Bill McGlashan has been heavily involved since the company’s beginning.

TPG Growth is a global private investment firm which is backed by parent TPG and together they have invested in CAA, Sabre Holdings (Travelocity), Evolution Media Growth Partners, and Univision, to name a few. McGlashan has done business with the Chinese for about 30 years.

The listing would likely come against a slate of a Melissa McCarthy comedy The Happytime Murders, the Jennifer Lopez-starring Second Act and as STX works to develop a multi-platform franchise with the Ugly Dolls IP. Around town, the perception is

Article source: http://deadline.com/2018/04/stx-entertainment-hong-kong-stock-exchange-listing-ipo-1202377355/

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STX Entertainment Files For Hong Kong Stock Exchange Listing

STX Entertainment, as has long been suggested would be the case, has filed for an IPO on the Hong Kong stock exchange. If accepted, the proposal would make Bob Simonds’ fledgling studio the first U.S.-based entertainment company to go public on the Hong Kong exchange.

The company was valued at $1.5B last year, however, it has been reported previously that the company could be valued as high as $3.5B after the IPO. Since its inception, STX has been modeling itself to become a major entertainment company along the lines of Viacom and this is yet another step in the path to achieve that goal.

STX Entertainment CEO Simonds has been hinting that they might go public for some two and a half years now when China’s Tencent and Hong Kong telecom giant PCCW led an investment round in STX with the specific aim of building a studio.

The U.S. exchange is different from Hong Kong in that overseas there is a multi-step process with extreme vetting and then they look at who is sponsoring the company. In this case, STX Entertainment is being sponsored by Goldman Sachs and JP Morgan, as the filing shows. It also doesn’t hurt that TPG Growth’s Bill McGlashan has been heavily involved since the company’s beginning.

TPG Growth is a global private investment firm which is backed by parent TPG and together they have invested in CAA, Sabre Holdings (Travelocity), Evolution Media Growth Partners, and Univision, to name a few. McGlashan has done business with the Chinese for about 30 years.

The listing would likely come against a slate of a Melissa McCarthy comedy The Happytime Murders, the Jennifer Lopez-starring Second Act and as STX works to develop a multi-platform franchise with the Ugly Dolls IP. Around town, the perception is

Article source: http://deadline.com/2018/04/stx-entertainment-hong-kong-stock-exchange-listing-ipo-1202377355/

About Michael
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