STX Entertainment Exploring Sale 16 Months After Eros International Merger
STX Entertainment is up for sale only 16 months after it merged with Indian studio Eros International.The combined entity, ErosSTX Global, announced Tuesday that it was engaged in talks with a third party to sell the division behind films like “Bad Moms” and Jennifer Lopez’s “Hustlers.” The company has hired Lazard as a financial advisor on the potential transaction.
News of the sale coincided with a 28% dive for the publicly traded entity on the New York Stock Exchange.“[ErosSTX] has entered into exclusive negotiations with a third party for the sale of its STX Entertainment subsidiary, during which the parties will conduct mutual diligence and negotiate definitive agreements,” an announcement read.
The potential buyer was not identified.ErosSTX also negotiated an extension with senior lenders to resolve $127.4 million in debt.
Should a sale materialize before December 3, repayment deadlines could extend into February 2022.In August, Variety reported that the company was
Read full article