ESGC - Najafi closes purchase of film studio STX ending Eros STX era

STX Entertainment has closed its sale to the private-equity Najafi Companies, finalizing a divorce from its ill-fated combination with Eros International as Eros STX (NYSE:ESGC). STX will move on as an independent mini-major studio again under the guidance of founder Robert Simonds as its chairman, with Noah Fogelson serving as new CEO. The Najafi Cos. had reached a deal to buy STX in December for $173 million; that deal was subject to a 45-day go-shop period that ended up generating a bid for STX (which came in too low for STX's taste) from fellow mini-major Lions Gate (LGF.A) (LGF.B). Forest Road was originally part of the Najafi group but aren't part of the new studio going forward. STX launched a film slate to much fanfare at the beginning of 2015, and by April 2020 it had released 34 films. Now free of Eros, it's planning 15 films per year (five

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Najafi closes purchase of film studio STX, ending Eros STX era