Eros STX Global Corporation, a global Indian entertainment company, on Monday said it has completed the sale of its subsidiary STX and has renamed itself with a new identity ‘Eros Media World PLC’.
The company has fully repaid USD 152 million of outstanding JP Morgan credit facility and subordinated credit facilities at STX level, said Eros in a US SEC filing.
It will “retain 15 per cent non-voting stake in STX with long-term monetization potential,” said a statement shared by its Indian subsidiary Eros International Media to bourses here.
Eros Media World has named Rishika Lulla Singh as the new executive chairperson of the company.
While Pradeep Dwivedi has been named as the new CEO and Rajesh Chalke as the new CFO, it added.
The company sees a “strong near-term revenue growth and a significant reduction in net debt.” According to the company, over USD 120 million in revenues is expected in 2023.
“Current Net Debt of USD 130 million as of the end of FYE 2022, expected to decrease to USD 115 million by the end of FYE 2023,” it added.
Commenting on the development, its former executive chairman Kishore Lulla said he is confident in Eros Media’s execution capability with fundamentals on track.
“I am pleased to announce Pradeep Dwivedi as CEO and welcome Rajesh Chalke as CFO to usher in a new era for Eros Media, with guidance from an experienced board. I will step down from the executive positions at Eros Media in the near future and dip into my entrepreneurial fiber to build the biggest Web3 and Blockchain Indian eco-system for the world via Eros Investments, ”he said.
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