Eros International, STX Entertainment to Merge

STX Filmworks is merging with the Indian film studio and OTT platform operator Eros International.

The combined entity, Eros STX Global Corporation, will remain a publicly-traded corporation, delivering feature films and TV content.

The management team includes Kishore Lulla as executive co-chairman, Robert Simonds as co-chairman and CEO, Andrew Warren as CFO, Rishika Lulla Singh and Noah Fogelson as co-presidents and Prem Parameswaran as head of corporate strategy.

“We are thrilled to join with STX Entertainment as this represents a landmark step in our company’s transformation,” said Lulla, executive chairman and CEO of Eros International. “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 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 market-leading Eros Now streaming platform.”

Lulla continued, “This company will be financially strong and uniquely positioned to compete immediately thanks to its global footprint, strong revenue and recapitalized balance sheet, including a large new equity commitment. These significant investments and no meaningful debt maturities in the near-term enable the company to pursue strategic investments in key growth areas, including traditional and digital distribution, film acquisition, TV production and development of original episodic content.”

Simonds, executive chairman and CEO of STX Entertainment, added, “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.”

This year, the combined company expects to release 40 feature-length films and 100-plus TV episodes.