The Najafi Companies Enters into a Definitive Agreement to acquire STX Entertainment, a Subsidiary of ErosSTX
LOS ANGELES, Dec. 7, 2021 /PRNewswire/ -- The Najafi Companies ("Najafi") today announced it had entered into a definitive agreement to acquire STX Entertainment ("STX Entertainment") from Eros STX Global Corporation ("ErosSTX"). The transaction is expected to close by the end of January 2022.
At the closing of the transaction contemplated by the purchase agreement, an affiliate of Najafi will acquire STX Entertainment through the purchase of all of the issued and outstanding shares of common stock of a parent entity of STX Entertainment and a wholly-owned subsidiary of ErosSTX. Najafi's acquisition will refinance the company's debt and provide a significant investment in growth.
Najafi has exclusively partnered with The Forest Road Company, a global specialty finance and distribution platform with deep expertise across the media and entertainment ecosystem. The transaction is subject to customary closing conditions
"This is a complicated, international public company carve-out transaction, and after countless hours over the past several months, we are thrilled to announce this new chapter with STX," said Jahm Najafi, Founder and CEO of The Najafi Companies. "First and foremost, we believe in the power of storytelling and fostering an entertainment studio that is artist-friendly and supportive of storytellers. We are also happy to exclusively partner with The Forest Road Company on this new and multi-faceted endeavor given their expertise and partnership approach."
About The Najafi Companies
The Najafi Companies is an entrepreneurially driven private investment company founded by Jahm Najafi in 2002. The Company makes investments across industries, with significant holdings in consumer, media, brands, ecommerce, tech and sports. The Najafi Companies is not a fund and does not manage third-party capital. By utilizing its own capital, the team is empowered to be extremely selective, think long-term, move quickly and operate in true alignment with management. Their passion is to invest, acquire businesses and create value in areas that are underserved or undergoing rapid transformation. And the Company's mission is to "do well and do good," and partner with world-class, entrepreneurial teams. Najafi is based in Phoenix with offices in Los Angeles and New York. To learn more, visit www.najafi.com
About Eros STX Global Corporation
Eros STX Global Corporation (NYSE:ESGC) is a global entertainment company that acquires, co-produces and distributes films, digital content and music across multiple formats such as theatrical, television and OTT digital media streaming to consumers around the world. Eros International Plc changed its name to Eros STX Global Corporation pursuant to the July 2020 merger with STX Entertainment, merging two international media and entertainment groups to create a global entertainment company with a presence in over 150 countries. ErosSTX delivers star-driven premium feature film and episodic content across a multitude of platforms at the intersection of the world's most dynamic and fastest-growing global markets, including US, India, Middle East, Asia and China. For further information, please visit ErosSTX.com.
About The Forest Road Company
The Forest Road Company is a specialty finance platform that owns, operates and invests in exceptional companies that reshape their categories. Providing strategic capital and operational expertise, Forest Road brings together businesses in an integrated portfolio that promotes long-term success and synergy. Between its media & entertainment, renewable energy, blockchain technology and asset management businesses, the Company is cultivating an ecosystem that promotes innovation and creates lasting value. To learn more, visit www.forestroadco.com
Contact Information
Alissa Manzoeillo
[email protected]
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SOURCE The Najafi Companies