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      Home News International News

      India’s Eros International to merge with STX Entertainment

      Staff Reporter by Staff Reporter
      April 19, 2020
      in International News, Mergers/Acquisitions, News
      India’s Eros International to merge with STX Entertainment
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      The combined company is projected to release approximately 40 feature-length films, including seven sequels to prior hits and 100+ originals of episodic content, in 2020.

      Indian entertainment company Eros International and US-headquartered STX Entertainment have entered into a definitive stock-for-stock merger agreement to create the first publicly traded, independent content and distribution company with global reach and unique positions in the United States, India and China. 

      The combined venture, dubbed Eros STX Global Corporation, will have a pipeline of feature-length films and episodic content in the global markets. The combined company, with $125m of incremental equity, will boast a strong and revamped capital structure and superior liquidity position at close with $264m of pro forma net debt, $195m of pro forma cash balance and $120m of available revolver capacity as of December 31, 2019. The combined company, which following the completion of the transaction will be publicly traded on NYSE. The transaction is expected to close in the second calendar quarter of 2020.

      The combined company is expected to generate approximately $50m in run-rate operating synergies within 24 months of closing, stemming from integration and scale benefits, optimisation of global content distribution and enhanced monetisation of the Eros Now platform. 

      Founded in 2014, STX Entertainment has released 34 films grossing over $1.5bn in global box office receipts, including such leading titles as Hustlers, Bad Moms and The Upside. STX Entertainment has a deep global distribution network spanning 150+ countries with world-class partners. 

      Commenting on the merger, Kishore Lulla Executive Chairman and Chief Executive Officer of Eros International, said: “We are thrilled to join with STX Entertainment as this represents a landmark step in our company’s transformation. We are already at an inflection point as we move to a more consistent, stable and high growth revenue profile with our digital OTT platform. This merger will not only fuel our growth but will also diversify our underlying sources of revenue and subscribers with a truly global play, building a powerhouse between East and West. We are well-positioned to create long-term value for our shareholders, partners and employees. Collectively, we will have a unique capability to present our film and episodic libraries and pipeline of original content to a broad and growing global audience through multi-year output deals, strategic alliances and our Eros Now streaming platform.”

      Tags: Eros InternationalfilmsmergerProductionSTX Entertainment

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