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TPG Growth, Hony Capital lead $700M funding for film studio STX

Private equity firms TPG Growth and Beijing-based Hony Capital co-led a $700 million funding round for U.S. media firm STX Productions LLC, the Los Angeles Times reported, citing a memo to employees from STX CFO Andrew Warren.

The capital raised includes debt refinancing and over $100 million in equity.

Additionally, Hong Kong telecom business PCCW Ltd. participated in the fundraising, alongside STX's equity backers Madison Wells Media and Liberty Global PLC, and lenders JPMorgan, Bank of America, East West Bank, Union Bank, Comerica, CIT, Aperture and Sun Trust.

STX will use the new capital to release more movies, grow its television business and pursue acquisitions, the March 11 report added, citing a person familiar with the matter.