Bollywood found from Hollywood, new company 'Eros STX Global Corporation', will keep an eye on shares on Monday

Bollywood found from Hollywood, new company 'Eros STX Global Corporation', will keep an eye on shares on Monday

11 years ago, Eros International Media Limited, a private limited to public limited company, has made a new scandal in the Corona era.

Eros International Media Limited, a private company associated with a public limited company 11 years ago, has committed a new scam in the Corona era. Eros International, which has made films like Badlapur, Bajrangi Bhaijaan and Bajirao Mastani, has now entered a new company name on the New York Stock Exchange with the Hollywood Company. The new company will be named Eros STX Global Corporation. STX Entertainment Company has been an ambitious start up company in Hollywood and has made popular films like Hustlers and Bad Mom. The new company, formed by combining the two companies, also has a large market in China and an OTT customer for Eros Now.

Eros shares on the National Stock Exchange closed at Rs 14 to 90 paise on Friday. In just five years, the company's share price has fallen 75 paise from its highest level of Rs 629. The impact of this new announcement will be known when the Indian stock market opens on Monday. The impact of this announcement in Wall Street showed that Eros International's price rose from $ 1.09 to $ 3.05 on Friday. Whereas in the last one year, the price of these shares had fallen more than 60 percent there.

Eros is named a few years ago with great respect in the Mumbai film industry. In addition to its films, its OTT also helped to increase the company's credibility. But, people who have been working with the company for the past one year are talking about the payment problem. After the two companies come together, the company's current CEO Kishore Lula will now have to vacate his chair. STX co-founder Robert Simonds will be the CEO of the new company. According to information provided by Simond to his company's employees, Eros Now OTT has 18.8 million registered customers and about 26 million regular customers.

The press note issued by the company in Mumbai stated that this is a very good business news for Bollywood in the desolate atmosphere of Corona and the deal has fetched the company $ 55 million. The company said the money will be used for film production and digital content and has also been called a major positive step in the critical period of the economy. However, the condition of the STX company is not good for the last few years. According to the Los Angeles Times, the company tried to launch an IPO on the Hong Kong stock market two years ago. In addition, the company's co-founder Bill McGlashan has also been named in a case of fraud at Operation Varsity Blues College Admissions. From what the company said about the announcement of its merger deal, the company has been asked to acquire new equity of $ 12.5 million.

According to the Hollywood Reporter news, Robert Simmond will be CEO in the new company, Andrew Warren of STX will serve as CFO and Prem Parameswaran of Eros will lead the corporate strategy in the new company. Kishore Lula of Eros will be the executive co-chairman of the new company and Rishika Lula Singh will be the co-chair of the company.