Eros International is all set to merge with US entertainment company STX
Eros International
One of India's biggest film studiosEros International will merge with STX Entertainment and the new entity will be called asEros STX Global Corporation.
The stock-for-stock merger agreement will see the creation of a publicly traded, independent content and distribution company with a presence in the countries in the US, India and China.
Also read:Cannes to collaborate with Venice Film Festival to host a joint event in September?
The combined company will together give out 40 feature films in 2020 and more than 100 hours of original episodic content and will aim to produce and distribute a mix of Bollywood and Hollywood content.
"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 chairman of Eros International.
Eros has a significant streaming platform, which has 188 million users of Eros Now, including more than 26 million paid subscribers. The studio has 12,000-plus films across Hindi and regional languages.
The new company’s management team will consist of Kishore Lulla, Executive Co-Chairman; Robert Simonds, Co-Chairman and CEO; Andrew Warren, CFO; Rishika Lulla Singh and Noah Fogelson, Co-Presidents; and Prem Parameswaran, head of corporate strategy.