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Illustration: Aïda Amer/Axios

STX Entertainment, a U.S. production studio whose titles include "Bad Moms" and "Hustlers," agreed to merge with Indian film producer Eros International in an all-stock deal that will value the combined company north of $1 billion, including debt.

Why it matters: It's as much a merger between Hollywood and Bollywood as it is between two companies.

Details: The agreement includes $125 million in new equity funding from existing STX investors TPG Capital, Hony Capital, and Liberty Global, plus a $350 million credit facility led by JPMorgan. Other STX backers include Tencent, NEA, DNS Capital, and PCCW.

The bottom line: "The merger comes after a trying year for STX, the studio that was created in hopes of offering the kind of midbudget movies most studios stopped making in favor of pricey blockbusters ... [Eros' streaming platform], currently being offered free as a coronavirus pandemic gesture to a lockdown audience, has 188 million registered users worldwide, with 26 million of them being paid subscribers. It has more than 12,000 titles, the largest collection of Indian content in the world." — Naman Ramachandran, Variety

Go deeper

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. (Photo: Alex Wong via Getty Images)

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.

Trump gives farewell address: "We did what we came here to do"

Photo: Mandel Ngan/AFP via Getty Images

President Trump gave a farewell video address on Tuesday, saying that his administration "did what we came here to do — and so much more."

Why it matters, via Axios' Alayna Treene: The address is very different from the Trump we've seen in his final weeks as president — one who has refused to accept his loss, who peddled conspiracy theories that fueled the attack on the Capitol, and who is boycotting his successor's inauguration.