Eros International, a global Indian entertainment company and STX Filmworks, a global, next generation media company, 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 US, India and China.
The combined company, to be called Eros STX Global Corporation, will have a robust pipeline of feature length films and episodic content.
“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 over-the-top (“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,” said Kishore Lulla, Executive Chairman and Chief Executive Officer of Eros International.
Robert Simonds, Executive Chairman and Chief Executive Officer of STX Entertainment stated: “The combination of our two companies creates the first truly independent media company that deeply integrates the expertise and creative cultures of Hollywood and Bollywood. Kishore is a legend in the Indian entertainment industry and a pioneer in OTT content development and distribution in India. Together we will have the relationships, management expertise and resources to create new content and grow rapidly in the largest and most attractive global markets. On day one, we will have the ability to tap into our significant combined libraries and draw upon our deep relationships with A-list actors, directors and producers across the globe to create even more compelling content for millions of consumers.”
To ensure sustained market focus, Adam Fogelson will continue to serve as Chairman of STX Motion Pictures Group, while Pradeep Dwivedi will continue to serve as CEO India.
The combined company will be domiciled in Isle of Man, and headquartered in both Mumbai, Maharashtra, India and Burbank, California, US.
