Eros STX Global Shares Jump on Unit Sale, New Management

Dow Jones

Apr 25, 2022

By Dean Seal

Shares of Eros STX Global Corp. jumped more than 5% Monday after the entertainment company announced that it had completed the previously announced sale of its STX subsidiary, hired new management and intended to rebrand.

The company's share price opened at $2.31, up from a prior close of $2.24, and reached a high of $2.58 in the first hour of trading.

The Burbank, Calif.-based company, which produces and distributes content for Hollywood and the Indian market, said it has completed its sale of STX Entertainment to an investor group led by the Najafi Cos. and plans to change its corporate name to Eros Media World PLC. Eros would retain a 15% stake in STX.

Eros said it has also repaid $152 million of outstanding debt to JP Morgan and brought on a new chief executive officer, chief financial officer and executive chairperson.

Write to Dean Seal at dean.seal@wsj.com

$(END)$ Dow Jones Newswires

April 25, 2022 11:18 ET (15:18 GMT)

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