STX Entertainment this week announced $700 million in new capital from a Series B investment round.
The five-year-old Burbank production studio will use the funding to release more movies, grow its television business, and pursue acquisitions, the Los Angeles Times reported. STX put out 10 movies last year, including recent hit “The Upside,” starring Bryan Cranston and Kevin Hart. It wants to raise that number to 15 this year.
STX also announced the promotion of John Friedberg, formerly president of international sales, to president of the studio’s international division. In this role, Friedberg will lead STX’s international film strategy including acquisitions, networking, sales, and theatrical distributions in the United Kingdom and Ireland.
The investment round was led by private equity firms TPG Growth, based in Fort Worth, Texas, and Hony Capital, based in Beijing.