On July 8, 2020 The Competition Commission of India(CCI) has approved the proposed combination which involves Eros International Plc(Eros Plc), STX Filmworks Inc(STX) and Marco Alliance Limited (Marco).
About the proposed combination
i.The proposed combination is a 2 step transaction as follows:
1st step– The indirectly wholly owned subsidiary of Eros Plc will merge into STX, where STX will continue to be the surviving entity.
2nd step– The Hony Group will subscribe some shares of the merged entity through Marco, an existing investor in STX.
ii.After this transaction is completed, Eros, STX and Marco are expected to acquire an economic and voting interest in the combined company, directly or indirectly, with certain other rights.
About Eros Plc:
Eros Plc is a global Indian entertainment company which acquires, co-produce and distributes films in various regional languages across all available formats such as cinema, television, and digital new media. It owns and operates ‘Eros Now’.
Headquarters– Isle of Man, British Isles.
Executive Chairman and Group Chief Executive Officer– Kishore Lulla
Chairman and Managing Director Eros India– Sunil Lulla
About STX Filmworks Inc:
i.STX is a fully integrated global media company that specializes in the production, marketing and distribution of talent- driven motion pictures, television and multimedia content.
ii.It has an indirect presence in India by licensing certain films to Indian distributors.
Headquarters– California, United States
Chairman and CEO– Robert Simonds
i.Marco is an investment holding company which is organized and existing under the laws of the British Virgin Islands.
ii.It is controlled by HonyCapital, an investment management firm.
CEO & Founder- Charles King