iWorld
Eros International, STX Entertainment announce completion of merger-of-equals transaction
KOLKATA: Eros International and STX Entertainment have announced the completion of their merger-of-equals transaction. The newly-combined company will migrate in the coming weeks to trade on the NYSE under the symbol ESXI and will operate under the name Eros STX Global Corporation. The company will continue to be domiciled in the Isle of Man and headquartered in both Burbank, California, USA and Mumbai, Maharashtra, India.
Pursuant to the merger agreement, Eros International issued contingent value rights (CVRs) to the former stockholders of STX Entertainment in the merger. The CVRs will be settled in ordinary shares of Eros STX on a date between 75 days and six months after the effective time of the merger.
Eros STX will benefit from diversified underlying sources of revenue and consumers with a truly global media and consumer entertainment play, building a powerhouse between East and West. Eros STX has a unique capability to present film and episodic libraries and pipeline of original content to a broad and growing global audience through multi-year output deals, strategic alliances and the market leading Eros Now streaming platform. Eros STX is well positioned to create long-term value for shareholders, partners and employees.
In India, Eros STX will continue to have a leading box office presence and one of the largest and most valuable libraries of Indian language films. In China, the Company will benefit from and expand upon some of the most comprehensive business and creative relationships in the industry. In the United States and the rest of the world, it will utilise its revolutionary, industry-disrupting and cost effective, data-driven production, marketing and distribution system innovations to create the studio system of the future: visionary, nimble, efficient and sustainable.
Eros STX capital structure includes $110 million of incremental equity, with an additional $15 million to be completed within the next 90 days, from new and existing global investors including TPG, Tencent, Hony Capital and Liberty Global. The combined company is expected to generate approximately $50 million in annual run-rate operating synergy.
iWorld
OpenAI hits back at Elon Musk’s lawsuit ahead of trial
Company calls claims “baseless” and accuses Musk of trying to disrupt a rival.
MUMBAI: When the stakes are measured in billions and egos are involved, even Silicon Valley titans can turn a courtroom into a battlefield. OpenAI has issued a sharp public response to Elon Musk’s ongoing lawsuit, accusing the billionaire of filing the case to harass a competitor rather than address genuine concerns. In a strongly worded statement shared on its official X account, OpenAI described Musk’s allegations as “baseless” and suggested the lawsuit is an attempt to disrupt the company as the case heads toward trial later this month in Oakland, California.
The response comes after Musk’s legal team recently amended the complaint, proposing that any damages potentially exceeding $150 billion should go to OpenAI’s nonprofit entity rather than to Musk personally. OpenAI questioned the timing and motive behind this change, calling it a late-stage attempt to “pretend to change his tune” on the nonprofit structure.
The company further labelled the lawsuit a “harassment campaign”, arguing that Musk’s actions are driven by personal rivalry, ego, and a desire for greater control and financial upside.
At the heart of the dispute is Musk’s claim that OpenAI has abandoned its original nonprofit mission of developing artificial intelligence for the benefit of humanity. A co-founder who left in 2018, Musk is seeking governance changes, including the removal of CEO Sam Altman from the nonprofit board, and the return of certain financial gains linked to Altman and President Greg Brockman.
OpenAI has firmly rejected these allegations, maintaining that its current hybrid structure, a public-benefit corporation overseen by a nonprofit parent remains true to its long-term goals. The company has also previously accused Musk of anti-competitive behaviour aimed at weakening its leadership.
As the case prepares for a jury trial, this public exchange highlights the deepening rift between two of the most influential figures in the AI revolution and raises broader questions about governance, mission, and power in the fast-moving world of artificial intelligence.
In the high-stakes game of AI, it seems the real drama isn’t just inside the models, it’s playing out in courtrooms too.
