Eros Media World

Eros Media World plc[5] (formerly ErosSTX Global Corporation[6]) is an Indian media company that acquires, produces, and distributes films, television shows, and digital content.[7]

Eros Media World plc
FormerlyEros International plc
TypePublic limited company
EMWPF on OTC Expert Market
IndustryMedia and entertainment
PredecessorSTX Entertainment
Eros International plc
Founded2020
HeadquartersMumbai, Maharashtra, India
Area served
Worldwide
Key people
  • Rishika Lulla Singh (Executive Chairperson)
  • Pradeep Dwivedi (CEO)
ProductsMotion pictures
Television
Digital
ServicesMotion picture production and distribution
Television production and distribution
RevenueIncrease US$ 270.1 million[1] (FY 2019)
Increase US$ 63.9 million[2] (FY 2018)
Increase US$ 126.5 million[2] (FY 2018)
Total assetsIncrease US$ 1.09 billion[1] (FY 2019)
Total equityIncrease US$ 661.7 million[1] (FY 2019)
Number of employees
340[3][4] (2020)
DivisionsEros Motion Pictures
Eros Now
Websiteerosmediaworld.com

The company is led by executive chairperson Rishika Lulla Singh.

History

Eros International plc was founded by Arjan Lulla and Kishore Lulla in 1977 as an Indian film and television production and distribution company.[8] The company launched its ErosNow OTT service in 2012, which by 2020 had 36.2 million paid subscribers[9] and the largest library of Indian content in the world.[10] Eros International plc became the first Indian media company to list on the Alternative Investment Market (AIM) of the London Stock Exchange. Subsequently, the company delisted from AIM in November 2013 to list on the New York Stock Exchange.[11]

STX Entertainment was founded by Robert Simonds and Bill McGlashan in 2014 as an American mini-major film, television, and digital media studio. By April 2020, STX had released 34 films, which earned over US$1.5 billion in global box office, with hits including Bad Moms, Hustlers, and The Upside.[10]

After first being announced in April 2020, the merger of Eros International and STX Entertainment was completed on July 30, 2020, with the company now called ErosSTX Global Corporation. The merged company is publicly traded on the New York Stock Exchange, with the combined firm listed as ESGC.[12]

On 7 December 2021, Jahm Najafi's Najafi Companies announced that it had reached an agreement to acquire STX Entertainment from ErosSTX for US$173 million. The deal is subject to a 45-day period where ErosSTX may solicit other offers; if ErosSTX declines the offer, it must pay a $4.5 million breakup fee.[13] Lionsgate also emerged as a potential suitor, but it was rejected on 10 March 2022, leaving Najafi as the only suitor left.[14] The sale was closed in April 2022, effectively splitting STX from ErosSTX and making it an independent studio again.[15]

Shortly after the sale of STX, ErosSTX announced their rebrand to Eros Media World plc, with some changes in management and reduced debt following STX's sale. Eros Media World would, however, retain a 15% stake in STX. Rishika Lulla Singh was named executive chairman, with Pradeep Dwivedi acting as the new CEO and Rajesh Chalke being stated as the new CFO of the company. he company will focus on its content library and film studio Eros International, as well as Eros Now and Eros Music.[5] As part of the refinance and sale, UK bondholders agreed to an extension of the retail bond, however Eros were unable to pay the interest payment on the bond as it became due in October 2022, casting doubt on the viability of the new company. By this time Eros were due to be forcibly delisted from the New York Stock Exchange and in January 2023 they announced they would not appeal the delisting as they were unable to file accounts.

Management

Rishika Lulla Singh serves as Eros Media World's executive chairperson, Pradeep Dwivedi as CEO and Rajesh Chalke as CFO.

Eros Media World's board of directors is composed of Kishore Lulla, Rishika Singh, Dhirendra Swarup, and Dilip Thakkar.

Divisions name Country Founded Description
Eros Now India 2012 Indian subscription-based over-the-top, video on demand entertainment and media platform
Subsidiaries name Country Founded Description
Eros International India 1977 Indian film production and distribution company

References
  1. "Eros International Plc Reports Fourth Quarter and Fiscal Year End 2019" (Press release). Eros International. July 15, 2019. Retrieved December 11, 2020 – via Business Wire.
  2. "Eros International Plc Reports Strong Revenue and Profit Growth in FY 2018" (Press release). Eros International. June 27, 2018 – via Business Wire.
  3. "How strong is Eros International Number of Employees?". Macroaxis.
  4. "Eros STX Global Corp - Company Profile and News". Bloomberg L.P. Retrieved October 17, 2020.
  5. Ramachandran, Naman (April 25, 2022). "Renamed Eros Media World To Retain 15% Stake in STX, Projects Revenue Growth, Reduced Debt". Variety. Retrieved June 10, 2022.
  6. "Eros International Plc Announces Corporate Name Change to ErosSTX Global Corporation" (Press release). ErosSTX International. September 11, 2020. Retrieved September 23, 2020 – via Business Wire.
  7. "STX to Remain Independent Studio as Deal Closes with Najafi Companies & Eros Divorce Final". April 22, 2022.
  8. Hayes, Dade (July 30, 2020). "Eros And STX Close Merger, Plan New York Stock Exchange Debut In September, Eye $1B In Revenue By 2022". Deadline. Retrieved July 30, 2020.
  9. "Eros Now Reaches 36.2 million Paying Subscribers" (Press release). ErosSTX International. November 18, 2020 – via Business Wire.
  10. "Eros India CEO Explains STX Merger Logic: "The Bigger Story Is on the OTT Side"". The Hollywood Reporter. April 22, 2020. Retrieved December 11, 2020.
  11. "Eros International Plc". London Stock Exchange. September 18, 2013. Retrieved April 28, 2015.
  12. "STX-Eros Merger Closes, Creating Global Content and Streaming Player". The Hollywood Reporter. July 30, 2020. Retrieved December 11, 2020.
  13. "STX Separating From Eros As Najafi Companies Enters $173M Agreement To Acquire Hollywood Studio". Deadline. December 7, 2021. Retrieved December 7, 2021.
  14. D'Alessandro, Anthony (January 26, 2022). "Lionsgate Looking To Acquire STX Entertainment". Deadline. Retrieved January 26, 2022.
  15. D'Alessandro, Anthony (April 22, 2022). "STX Remaining Independent Studio As Deal Closes With Najafi Companies & Eros Divorce Final". Retrieved April 23, 2022.
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