STX Entertainment In Sale Talks After Turbulent Merger With Eros
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deadline.comSTX Entertainment, a subsidiary of the troubled, merged entity Eros STX, is in exclusive talks to be sold off to a third party.Eros STX confirmed the discussions today in a press release.
Its stock, which began trading on the New York Stock Exchange last year, has dropped nearly 35% today on heavy trading volume.
Since the summer, it has slipped below $1 a share, triggering a review by the Securities and Exchange Commission that could ultimate lead to a delisting.Lazard has been brought in as a financial advisor to steer the sale process.
Meanwhile, STX has also negotiated an extension of its credit agreement to give itself more time to satisfy repayments of $127 million in debt.
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