Eros International And Independent Hollywood Studio STX Entertainment Set To Merge

Eros International has acquired independent Hollywood studio STX Entertainment. The new firms to aims to become a powerhouse of films, TV and OTT space.

New Delhi: Leading Indian production and distribution company Eros International and Hollywood’s fastest-growing independent media company STX Entertainment are all set to merge together to form Eros STX Global Corporation. The new firm plans to release 40 feature length films, including seven sequels to prior hits and 100 plus originals of episodic content in 2020. Eros STX Global Corporation, which aims to be a conglomerate of global entertainment content, digital media & OTT space, will trade publicly on the NYSE. “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,” Kishore Lulla, Executive Chairman and Chief Executive Officer of Eros International, said in a statement. READ: Rapper Abby Viral's Video On Coronavirus Goes Viral, Will Remind You Of Ranveer Singh's 'Apna Time Aayega' Robert Simonds, Executive Chairman and Chief Executive Officer of STX Entertainment said, “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.” Eros International has one of the biggest libraries of Indian films in the word with over 12,000 digital rights.