esgc - ESGC STOCK NEWS

Eros STX Global Corporation (NYSE: ESGC) has provided an update on its bond amendment proposal for £50 million (approx. $69 million) in UK retail bonds. The proposal includes extending the financial statement delivery date to November 30, 2021, and postponing the maturity to April 15, 2023. A bondholder meeting initially lacked quorum but is set to reconvene on September 20, 2021. The company expects to meet quorum requirements and pass the amendments. A final announcement regarding the meeting results will be made on the same day.

STXfilms, a division of Eros STX Global Corporation (NYSE: ESGC), is developing a romantic comedy featuring global Indian star Deepika Padukone, who will also produce the film under her banner, Ka Productions. The project, aimed at a cross-cultural audience, focuses on Padukone's role as an Indian matchmaker. STXfilms is in talks with Temple Hill Productions, known for hits like The Twilight Saga. Padukone's past achievements include various critically acclaimed films and recognition in influential lists, which underline her growing global appeal.

Eros STX Global Corporation (NYSE: ESGC) has received a notice from the NYSE regarding non-compliance with listing requirements, specifically related to the delayed filing of its Annual Report and share price falling below $1.00. The company has a six-month cure period to regain compliance. Ongoing internal reviews have identified approximately $85.5 million in revenue recognition issues from the fiscal year ended March 31, 2020. Additionally, the company is progressing with debt restructuring, addressing $150.1 million in asset-backed credit facilities and plans to extend maturity dates for retail bonds.

Eros STX Global Corporation (NYSE: ESGC) has entered into a multi-year first window output deal with Amazon Prime Video for South Africa, effective immediately. This deal builds on their existing partnership in Europe. Additionally, Eros STX has renewed its successful theatrical output agreement with Empire Entertainment, a long-term distributor in South Africa. Prime Video subscribers in the region will gain access to a variety of titles from STXinternational, including films starring Liam Neeson and Vin Diesel. This strategy aims to enhance Eros STX's film slate and market presence.

Eros STX Global Corporation (NYSE: ESGC) announced a 15-day extension for filing its Annual Report on Form 20-F for fiscal 2021, now due on August 17, 2021. This delay arises from an ongoing internal review of accounting practices linked to its subsidiaries, indicating potential impairment of intangible assets and significant internal control weaknesses. The Company is also addressing debt obligations, including a £50 million bond due in October and $150.1 million on a credit facility. They are negotiating options to monetize 46 films to service debt and have agreed to refinance $63 million in debt in India, lowering interest rates.

Xfinite and Eros Now have strengthened their partnership to enhance user engagement through blockchain technology. The collaboration aims to integrate the Mzaalo platform, targeting 10 million users by year-end. This move positions Eros Now in the growing AVOD market in India and expands their subscription model. The Mzaalo service will offer over 15,000 hours of content and utilize XET tokens to reward users. This partnership is pivotal in establishing ErosSTX's presence in the OTT landscape, aiming to monetize their substantial user base effectively.

Eros Now, owned by Eros STX Global Corporation (NYSE: ESGC), announced an amended partnership with Mzaalo, a gamified video streaming service. This partnership enhances Eros Now's position in the advertising video on-demand (AVOD) sector in India, targeting over 224 million registered users. Eros STX expects a minimum guaranteed cash payment of $42 million over four years and a 50% revenue share above this minimum. The deal also includes the licensing of Eros Now's content library for global AVOD monetization, aiming to strengthen Eros Now's subscription and content strategies.

Eros Now, part of Eros STX Global Corporation (NYSE: ESGC), reports 39.9 million paid subscribers and 224 million registered users as of March 31, 2021, reflecting a 36.2% annual growth rate. The company emphasizes Premium Paid subscribers, numbering 19 million. Average Revenue per User (ARPU) for Premium Paid subscribers stands at $0.52 globally, with varying rates for India ($0.30) and international markets ($10.01). They project a modest decrease in Premium subscribers due to strategic shifts towards direct-to-consumer relationships, targeting an ARPU increase to $1.20-$1.30 by December 2022.

Eros STX Global Corporation (NYSE: ESGC) reported its unaudited financial results for the six months ended September 30, 2020, on March 31, 2021, fulfilling NYSE requirements for foreign private issuers. The company disclosed it will not file its previously announced supplemental financial statements and instead will submit its audited annual report on Form 20-F for the fiscal year ending March 31, 2021, in compliance with SEC regulations. Eros STX continues to operate across various platforms, including its OTT service Eros Now, which had 211.5 million registered users and 36.2 million paying subscribers as of September 30, 2020.