Lionsgate is exploring acquiring some or all of STX Entertainment after the “Hustlers” studio already was in the midst of a planned sale to Najafi Companies for $173 million, individuals with knowledge of the talks told TheWrap.
Reps for both Lionsgate and STX declined to comment.
The purchase agreement from Najafi included a 45-day “go-shop period” which allowed current STX owner Eros to solicit other proposals for 45 days, and the $173 million also included absorbing $148 million in debt. STX would pay a $4.5 million termination fee if the deal with Najafi doesn’t go through. Prior to the Najafi sale, the studio had attempted to sell off rights to its library of films to pay down its debt, and is nearing a February deadline to repay its creditors.
In a SEC filing on Friday, ErosSTX confirmed that the company had received another offer under the go-shop process that was previously outlined in the initial terms of the sale,...
Reps for both Lionsgate and STX declined to comment.
The purchase agreement from Najafi included a 45-day “go-shop period” which allowed current STX owner Eros to solicit other proposals for 45 days, and the $173 million also included absorbing $148 million in debt. STX would pay a $4.5 million termination fee if the deal with Najafi doesn’t go through. Prior to the Najafi sale, the studio had attempted to sell off rights to its library of films to pay down its debt, and is nearing a February deadline to repay its creditors.
In a SEC filing on Friday, ErosSTX confirmed that the company had received another offer under the go-shop process that was previously outlined in the initial terms of the sale,...
- 1/26/2022
- by Brian Welk
- The Wrap
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