EntertainmentSTX Leisure Exploring Sale 16 Months After Eros Merger

STX Leisure Exploring Sale 16 Months After Eros Merger


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STX Leisure is up on the market solely 16 months after it merged with Indian studio Eros Worldwide.

The mixed entity, ErosSTX World, introduced Tuesday that it was engaged in talks with a 3rd celebration to promote the division behind movies like “Dangerous Mothers” and Jennifer Lopez’s “Hustlers.” The corporate has employed Lazard as a monetary advisor on the potential transaction. Information of the sale coincided with a 28% dive for the publicly traded entity on the New York Inventory Change.

“[ErosSTX] has entered into unique negotiations with a 3rd celebration for the sale of its STX Leisure subsidiary, throughout which the events will conduct mutual diligence and negotiate definitive agreements,” an announcement learn. The potential purchaser was not recognized.

ErosSTX additionally negotiated an extension with senior lenders to resolve $127.4 million in debt. Ought to a sale materialize earlier than December 3, reimbursement deadlines may lengthen into February 2022.

In August, Selection reported that the corporate was exploring an outright sale of its movie library to pay down its debt, which stood at $150 million at the moment. Insiders near the corporate argued {that a} library sale would resolve its revolving credit score facility arrange by JP Morgan, $22 million in mezzanine financing and add money to the steadiness sheet. It by no means materialized.

Regardless of the challenges introduced by COVID-19, STX managed to dump tasks to streamers, like Kristen Bell’s “Queenpins” which went to Paramount and yielded a $10 million revenue. In addition they counted modest hits on paid VOD, just like the Gerard Butler motion movie “Greenland.”

Current improvement titles embody a Will Smith-David Leitch motion bundle titled “Quick & Unfastened.”

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