Why Eros STX Global Stock Dove 28% Today

Eros STX Global Corporation (NYSE: ESGC) dove today, dropping 28% by 11:00 a.m. EST as the wider market edged higher. The entertainment company announced plans to sell off its subsidiary and to extend the maturity date of some of its debt.

Eros STX, a producer of TV and film content, said on Tuesday morning that it is in negotiations with another company for the sale of its subsidiary STX Entertainment, the company it merged with in mid-2020.

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Source Fool.com