Eros STX Global Corporation Announces Settlement Agreement with Manuel Asensio

Rhea-AI Summary

Eros STX Global Corporation (NYSE: ESGC) announced a favorable settlement with Manuel P. Asensio and his companies, resolving all disputes stemming from a lawsuit filed by Eros International Plc in 2017. The settlement amount remains undisclosed. Asensio acknowledged that his past critical statements have no relevance to the current Eros entities and expressed his best wishes for ErosSTX's future. ErosSTX focuses on acquiring and distributing films and digital content globally, significantly enhancing its presence following the 2020 merger with STX Entertainment.

Positive

• Successful resolution of a long-standing legal dispute with a known short-seller.
• Asensio's withdrawal of past critical statements may improve market perception of ErosSTX.

Negative

• None.

Eros STX Global Corporation (“ErosSTX” or the “Company”) (NYSE: ESGC), a global entertainment company, is pleased to announce today that it has reached a settlement favorably resolving all matters with Manuel P. Asensio, Asensio & Company, Inc., and Mill Rock Advisors, Inc.

As previously disclosed, on September 29, 2017, Eros International Plc, a predecessor of ErosSTX, filed a lawsuit in New York state court against Mr. Asensio, a well-known short-seller, and several of his companies in connection with statements that Mr. Asensio made or caused to be made that were critical of Eros.

Mr. Asensio states, “The five-year-old statements are in the past and have no applicability to the existing Eros entities or their leadership. I withdraw them and wish ErosSTX well in the future.”

The case was settled for an undisclosed sum. Neither ErosSTX nor Mr. Asensio intends to comment further on the settlement.

About Eros STX Global Corporation:
Eros STX Global Corporation, (“ErosSTX”) (NYSE: ESGC) is a global entertainment company that acquires, co-produces and distributes films, digital content & 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. The combination of one of the largest Indian OTT players and premier studio with one of Hollywood’s fastest-growing independent media companies has created an entertainment powerhouse 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. The company also owns the rapidly growing OTT platform Eros Now which has rights to over 12,000 films across Hindi and regional languages and had 211.5 million registered users and 36.2 million paying subscribers as of September 30th, 2020. For further information, please visit ErosSTX.com.

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FAQ

What was the lawsuit involving Eros STX Global Corporation and Manuel P. Asensio?

Eros STX Global Corporation was involved in a lawsuit filed in 2017 against Manuel P. Asensio due to his critical statements about the company.

What does the recent settlement mean for Eros STX Global Corporation?

The settlement resolves all matters with Asensio, possibly enhancing ErosSTX's market reputation and eliminating past criticisms.

What is the ticker symbol for Eros STX Global Corporation?

The ticker symbol for Eros STX Global Corporation is ESGC.

How has Eros STX Global Corporation grown in the market?

Eros STX Global Corporation has expanded its global presence significantly after merging with STX Entertainment in 2020.