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Tag: Eros International media

  • Eros International Media appoints Shikha Kapur as COO, Studios

    Eros International Media appoints Shikha Kapur as COO, Studios

    MUMBAI: Eros International, a leading company in the global Indian film entertainment industry, today announced the appointment of Shikha Kapur as chief operating officer, Studios of its majority-owned subsidiary, Eros International Media. 

    As COO, Kapur will be responsible for leading the growth of the Studio Business at Eros. She will be responsible for feature films, Web-Originals, and other differentiated content in India along with managing marketing and revenues for the film slate. She will also lead talent and partner relationships.

    "Shikha has a leadership track record of bringing marketing innovation and business understanding that we believe is critical to lead our studios business. Her vast experience and enviable track record will benefit in driving the company's goals. I look forward to working closely with her in her new role as COO and wish her all the best," Eros International Media India CEO Pradeep Dwivedi said.

    Eros Group chief content officer Ridhima Lulla further added, "Shikha has the perfect blend of diligence and passion, and I welcome her to the Eros International family as she joins us in the new growth phase."

    In a career spanning two decades Shikha is considered as one of most innovative thinkers in the business, and has been the force behind Fox Star Studios most memorable campaigns like Neerja, M.S. Dhoni: The Untold Story, Prem Ratan Dhan Payo, Mission Mangal, Sanju and Chhichhore.

    In her last role as CMO and business head, Fox Star Studios had four films in the top ten films of 2019; Total Dhamaal, Mission Mangal, Chhichhore and Housefull 4, and two films amongst the top 10 Hindi film openings of all time – Sanju and Prem Ratan Dhan Payo. Prior to Fox Star Studios, Shikha was at Disney UTV where she played a pivotal role in reinventing film marketing by pioneering campaigns anchored in big ideas and innovation, paving the transformation of marketing in films.

    Shikha has also been featured in the book titled ‘Changemakers: Twenty Women Transforming Bollywood from Behind the Scenes’ by Gayatri Rangachari Shah and Mallika Kapur. The book outlines the journey of twenty incredible women who have revolutionized the way Hindi cinema is perceived and, in the process, created a new India.

    Commenting on her new role, Shikha Kapur said, “I am excited for the new journey ahead of me. The entertainment business is going through a radical transformation and I am looking forward to collaborating with the exceptional leadership team at Eros and leading the vision for a new era in storytelling. Together we envision to deliver a global entertainment brand immersed in creativity, powerful storytelling and innovation.” 

  • Eros International shares hit one year low; hires law firm to conduct internal review

    Eros International shares hit one year low; hires law firm to conduct internal review

    MUMBAI:  Leading Indian film studio Eros International Media is fighting back to save its image and reputation. The New York and Bombay stock exchange listed company has hired the US law firm Skadden, Arps, Slate, and Meagher & Flom LLP to conduct an independent internal review and also to advise it on related matters to anonymous allegations which led to a steep drop in its share price.

     

    The Eros International share has gone into free fall over the past couple of weeks plummeting around 50 per cent to hit a low of Rs 250.50 in intra-day trading on 2 November.

     

    The downward run in the Eros script gathered momentumon 2 November following the revelation that three  investor rights law firms in the US Steinmeyer Law, Rosen Law Firm and Bronstein, Gewirtz and Grossman were investigating whether Eros International Media’s parent Eros International plc  and certain of its officers or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

     

    The Eros stock had anyone been shedding weight ever since reports appeared that it had allegedly resorted to financial misreporting. This was denied by Eros consistently but things got worse after Wells Fargo analysts fingered it about its rising trade receivables from UAE and others. Despite the company’s statement and explanations, the Eros stock had slimmed down to Rs 278 by end of trading on Friday last week as compared to the shares quote of Rs 438 on 23 October.

     

    The Bombay stock exchange had earlier today asked it to clarify to reports about it being investigated by the three law firms. To this, Eros  had clarified that it was not being investigated; rather it was its parent Eros International plc.

     

    Late in the evening, the company issued a statement in which it stated that “there has been a vicious campaign to damage the credibility of Eros International by spreading false rumors and misinformation regarding its business with an objective to create panic amongst the investor community. No new facts about the Company have come to light since the filing of the FY2015 financials or its Q1 FY2016 financials at which time the market sentiment was extremely positive.”

     

    It further added: “We are confident in our business fundamentals and we will be announcing our Q2 FY2016 results in the first half of November. Our credibility and reputation are of paramount importance.” Hence, it had hired the law firm to do an internal review.

     

    Further Eros addressed the principal allegations related to Increase in receivables, Amortization of content, Subsidiary financials, Capex increase, free cash flow and increasing debt,Auditors, Related party transactions and compensation packages of family members, The Eros Library, Eros Now.

     

    Said Eros in its response:

     

    — The Company’s fundamentals are strong with successful track record spanning decades. The Company may be two years old on NYSE but its business is not a start-up.

     

    — The Company has a dominant market share of the Indian box office worldwide. 50 per cent of the top 15 grossing films in Bollywod were Eros films.Bajrangi Bhaijaan and Tanu Weds Manu Returns earned $30 million and $65 million respectively and were in the top three grossing list.

     

    –Eros’ unique library of over 3,000 films is a key competitive advantage.

     

    —The Company’s unparalleled global distribution network allows it  to distribute its  films in over 50 different countries in over 25 different languages.

     

    —Eros’ entertainment platform Eros Now is an attractive consumer proposition with already 30 million registered users worldwide in the backdrop of 860 million plus mobile subscribers and growing 4G and broadband user base in India.

     

    —The Company’s strong under-levered balance sheet ensures that it well capitalized at all times.

     

    Eros’ statement concluded:  “We will survive this attack and emerge a winner in the long run for many keys reasons.” 

  • FinMin approves Eros’ proposal for setting up LLP with Rs 50 lakh FDI

    FinMin approves Eros’ proposal for setting up LLP with Rs 50 lakh FDI

    NEW DELHI: The Government has cleared Eros International Media’s proposal of setting up a Limited Liability Partnership (LLP). The approval followed recommendation of the Foreign Investments Promotion Board (FIBP) and will involve a foreign direct investment (FDI) of Rs 49.90 lakh.

     

    The government cleared as many as 11 FDI proposals worth Rs 1,567.91 crore, including that of Eros International Media. 

     

    Additionally, approval was also granted to Amar Ujala Publications Limited for foreign shareholding in the company up to 26 per cent of the post issue paid up equity share capital pursuant to proposed initial public offering – issue of equity shares to FIIs/FPIs/NRIs and transfer of 26,90,234 shares by existing shareholders for an aggregate consideration of Rs 50 crore.

     

    Meanwhile, the FIPB listed as a table item for approval a proposal by Today Magazines Lifestyle Private Limited for foreign investment of 49 per cent by Cooperative International Publications Holding through transfer and further issue for an aggregate consideration of Rs 6.17 crore.

     

    The FIPB rejected the proposal by Bean Media Group Pty Ltd, which sought approval to set up a wholly owned subsidiary in India for publishing specialty magazines.

     

    On the other hand, the Cabinet Committee on Economic Affairs (CCEA) will take a final call on Rs 13,200 crore FDI proposals of Sistema Shyam TeleServices and IIFL Holdings, which have been referred to it for consideration by FIPB. While Sistema Shyam TeleServices’ proposal is for FDI of Rs 10,000 crore, IIFL Holdings’s is that of Rs 3201.5 crore.

  • Eros’ Telugu film ‘Dictator’ completes first schedule in Hyd; moves to Europe

    Eros’ Telugu film ‘Dictator’ completes first schedule in Hyd; moves to Europe

    MUMBAI: Eros International Media has completed the first schedule of its Telugu production – Natasimha Balakrishna’s Dictator in Hyderabad.

     

    Eros International Media managing director Sunil Lulla said, “Telugu cinema is going through an exciting phase and we are very happy to associate with the best talent in the industry. After the success of our maiden Telugu production, Srimanthudu, we are happy to share that the shooting part of our upcoming Telugu movie Dictator with Natasimha Balakrishna and Sriwass is going on in full swing. With Dictator, we aim to further expand and strengthen Eros’ footprint in south Indian cinema.”

     

    Produced by Eros International in association with Vedaashwa Creations, the film is directed by Sriwass and marks as Balakrishna’s 99th film. The action entertainer also stars Anjali and Sonal Chauhan along with Ravi Kishan, Sayaji Shinde, Nazar and Prudhvi amongst others.

     

    Veteran writer M Ratnam is the dialogue writer, while writer duo Kona Venkat and Gopi Mohan have penned the story for the film.

     

    Sriwass said, “We have successfully completed the first schedule recently and I’m thankful to Eros for making available all the resources that I needed for filming. We’re now going ahead with full gusto for our upcoming foreign schedule in Europe where we will be canning some talkie, action and songs. I’m confident that Dictator will become a hugely successful milestone in Eros’ journey. Dictator is going to be an eye feast for the audience as we’ve got a great story that will be told with great production values.”

     

    The film is being picturised in Hyderabad, Delhi and some locations in Europe.

  • FY-2015: Eros PAT up 24%; operating income up 25% due to portfolio approach

    FY-2015: Eros PAT up 24%; operating income up 25% due to portfolio approach

    BENGALURU: The portfolio approach to movie making by the Sunil Lulla led Indian motion picture production and distribution company Eros International Media has resulted in it posting an increase of 24 per cent in profit after tax (PAT) in FY-2015 (year ended 31 March, 2015, current year) at Rs 247.06 crore (17.6 per cent of Total Income from Operations excluding Other Income, or TIO) as compared to the Rs 199.69 crore (17.6 per cent of TIO) in FY-2014. The company’s TIO in FY-2015 increased 25.3 per cent to Rs 1421.17 crore as compared to the Rs 1134.66 crore in FY-2014.

     

    Note: 100,00,000 = 100 lakh = 10 million = 1 crore

     

    All numbers in this are consolidated unless stated otherwise.

     

    The company’s diversified revenue mix comprises theatrical revenue, which contributed 38 per cent to total revenues, television and others, which contributed 31.3 per cent to total revenues, and overseas revenue, which contributed 30.7 per cent to total revenues. Eros says that its extensive film library of over 2,000 plus films has been increasing its contribution year on year with FY-2015 catalogue revenue at 22 per cent of Total Income as compared to 15 per cent in the previous year and 12 per cent in FY-2013.

     

    Eros managing director Sunil Lulla said, “We have concluded the fiscal on an excellent note based on our strategy of investing in content backed Hindi and regional movies and extensively monetizing it across all platforms such as theatrical, television and digital. The year has reinforced our belief in the portfolio approach to movie-making, which enables us to deliver sustained growth supported by consistently strong presales. Our footprint in the regional market, in particular, has worked very well for us. Along with the healthy performance of our new movie releases, we witnessed a strong upswing in revenue contribution from our 2,000 plus movie library. We are excited about our new venture Trinity Pictures that will build franchise films and look forward towards capitalizing on digital revenue opportunity through ErosNow.”

     

    In FY-2015, Eros released 64 films (44 Hindi and 30 Tamil/Telugu) as compared to 69 (37 Hindi, 30 Tamil/Telugu and two regional language) in FY-2014. Of the 64 films released in FY-2015, 47 were low budget, 10 medium budget and seven high budget films as compared to 44 low budget, 21 medium budget and four high budget films in FY-2014.

     

    Let us look at the other numbers reported by Eros: 

     

    The TIO numbers for FY-2015 and FY-2014 have been mentioned above. Eros TIO in Q4-2015 at Rs 449.05 crore was 42.7 per cent more than the Rs 314.62 crore in Q4-2014, but 8.5 per cent lower than the Rs 490.73 crore in Q3-2015.

     

    Eros EBIDTA including other income in FY-2015 at Rs 368.08 crore (25.5 per cent margin), which was 20.8 per cent more than the Rs 304.73 crore (26.7 per cent margin) in FY-2014. EBIDTA including other income in Q4-2015 at Rs 84.74 crore (18.2 per cent margin) was 24.6 per cent more than the Rs 68.01 crore (21.9 per cent margin) in Q4-2014, but 42.9 per cent lower than the Rs 148.43 crore (30.2 per cent margin) in the immediate trailing quarter.

     

    The company’s total expenses (TE) in FY-2015 at Rs 1079.84 crore (76 per cent of TIO) was 28.6 percent more than the Rs 839.93 crore (74 per cent of TIO). TE in Q4-2015 at Rs 382.71 crore (85.2 percent of TIO) was 57.9 per cent more than the Rs 242.31crore (77 per cent of TIO) and 10.8 per cent more than the Rs 345.34 crore (70.4 per cent of TIO) in Q3-2015.

     

    The company’s other expense in FY-2015 almost tripled (2.89 times) to Rs 96.74 crore (6.8 percent of TIO) as compared to the Rs 33.46 crore (2.9 per cent of TIO) in FY-2014. Other Expense in Q4-2015 more than quadrupled (4.05 times) at Rs 56.14 crore (12.5 per cent of TIO) as compared to the Rs 13.87 crore (4.4 per cent of TIO) in Q4-2014 and more than doubled (2.54 times) the Rs 22.13 crore (4.5 per cent of TIO) in the immediate trailing quarter.

     

    Lulla added, “The Indian entertainment industry is in midst of a structural shift and has potential to multiply revenue streams with multiplexing, digital addressability, broadband and mobile penetration as driving themes. Eros has been anticipating and preparing for these changes for many years. We have started FY-2016 on an extremely positive note with the resounding success of Tanu Weds Manu Returns to be followed by Bajarangi Bhaijaan on Eid and Bajirao Mastani on Christmas as our tent pole films for the year. We believe we can continue this growth momentum into FY-2016 as well.”

     

    Click here for earnings presentation

     

    Click here for audited financial results 

  • Eros, Anushka Motion Pictures join hands for Marathi film ‘Aga Bai Arecha 2’

    Eros, Anushka Motion Pictures join hands for Marathi film ‘Aga Bai Arecha 2’

    MUMBAI: Eros International Media has joined hands with Anushka Motion Pictures and Entertainment to present Aga Bai Arecha 2.

    After associating with Marathi films like Me Shivaji Raje Bhosale Boltoy and Shikshanachya Aaicha Gho, Eros International will now co-produce the sequel of the Marathi comedy Aga Bai Arecha starring Sonali Kulkarni, Bharat Jadhav, Prasad Oak, Dharam Gohil, Surabhi Hande and Madhav Devchakke.

    The film will be directed by Kedhar Shinde, who has to his credit movies like Aga Bai Arecha, Yanda Kartavya Aahe, Jatra and Majha Navra Tujhi Baiko.

    Eros International managing director Sunil Lulla said, “We are happy to be associated with a very talented director Kedhar Shinde, who delivers quality Marathi entertainment. At Eros, we feel proud to back regional cinema which are content driven and high on entertainment quotient, it also fullfills our vision to expand in the regional market.”

    Producer Narendra Firodia added, “We are delighted to partner with Eros International, this association will help us in reach out to a larger audience through their established distribution network.”

    The movie is slated to release on 22 May, 2015.

  • ErosNow inks partnership with RailTel

    ErosNow inks partnership with RailTel

    MUMBAI: The on-demand entertainment platform of Eros International Media, ErosNow has inked a tie-up with RailTel Corporation of India (RailTel).

     

    RailTel is a PSU under the Railway Ministry and the tie-up is for ErosNow streaming services, which has been launched through broadband for railway passengers.

     

    The Wi-Fi service was implemented at New Delhi and Bangalore stations recently for providing high speed internet to passengers with plans to provide the facility to 75 major category railway stations in India and in trains too very soon.

     

    The broadband streaming service will enable passengers at railway stations across the country to download and view their favourite entertainment content from ErosNow on their phones.

     

    RailTel has launched high speed Wi-Fi network on key railway stations and passengers will be informed about this exclusive service on arrival at stations.

     

    Eros Now CEO Rishika Lulla Singh said, “We are happy to partner with RailTel in the Indian government’s endeavour to provide Wi-Fi facilities to the common man, which has increasingly become a necessity. The association will further amplify the reach of ErosNow in providing the best in entertainment to a wider range of consumers.”

  • Eros International forays into Malayalam market with Jeethu Joseph’s ‘Life of Josootty’

    Eros International forays into Malayalam market with Jeethu Joseph’s ‘Life of Josootty’

    MUMBAI: Eros International Media Limited (Eros International) has announced its foray into the Malayalam market with leading director Jeethu Joseph’s ‘Life of Josootty’. Produced by Jayalal Menon and Anil Biswas’ Backwater Studios and Eros, this upcoming  comic  drama  stars   popular  Malayalam  actor  Dileep  along  with  Rachana Narayanankutty, Jyothikrishna, Harish Peradi, Sunil Sugatha, Suraj  Vengharamoodu and Kalabhavan Mani.

    Jeethu and Dileep join hands once again after their hit pairing in the immensely popular ‘My Boss’. ‘Life of Josootty’ marks  Jeethu Joseph’s next  venture after his recent blockbuster ‘Drishyam’  with Mohanlal. Anil Johnson of ‘Memories’, ‘Drishyam’ and ‘Three Dots’ fame has composed the music for the film.

    Commenting on the  co-production  venture,  Eros International Media  managing director Sunil   Lulla said, “Eros has been one of the biggest champions of regional cinema be it Tamil, Telugu, Marathi or Punjabi. We are very excited to enter the prolific Malayalam market by associating with prominent talent like Jeethu Joseph and Dileep.”

    Eros director- creative & strategy for south India Soundarya A Rajnikanth added, “We are looking forward to tapping the potential of Malayalam cinema and happy to align with the very best in talent there. Malayalam industry is filled with brilliant stories and content we want to produce and we are in talks with various producers, directors and actors currently. This industry is very important in our upcoming slate of productions and we couldn’t have had a better entry than with a Jeethu Joseph film.”

    Producer Jayalal Menon added, “We are very pleased to associate with a leading global studio like Eros to co-produce ‘Life of Josootty’. With their undisputed leadership in global marketing and distribution, we are confident they will present Malayalam cinema on a worldwide platform with maximum reach.”

    ‘Life of Josootty’ is a comedy set against the backdrop of a family with a fantasy edge. The film went on floor on 2 January and will be shot across ldukki in Kerala and New Zealand. Eros International and Backwater Studios are looking at releasing the film worldwide in June 2015.

    With its venture into Malayalam cinema, Eros further strengthens its vision to scale up the business of regional language with its strong tie-ups and attractive film content.

     

  • Eros International acquires international rights of Excel’s upcoming movies

    Eros International acquires international rights of Excel’s upcoming movies

    MUMBAI: Eros International Media (Eros International), one of the leading global film company in the Indian film entertainment industry has acquired the international rights of Excel Entertainment’s eagerly awaited films – Zoya Akhtar’s Dil Dhadakne Do and film critic turned director Karan Anshuman’s Bangistan.

     

    Dil Dhadakne Do, in Zoya’s trademark style boasts of an ensemble cast including Anil Kapoor, Ranveer Singh, Farhan Akhtar, Priyanka Chopra, Anushka Sharma and Shefali Shah. Shot mostly in foreign locales on a cruise ship, the film is a drama centered around a dysfunctional Punjabi family.

     

    Anshuman’s Bangistan, a hilarious parody stars Riteish Deshmukh and Pulkit Samrat as two rival, blundering terrorists with Jacqueline Fernandez making a special appearance.

     

    Eros International CEO Jyoti Deshpande stated: “After a successful association for Zindagi Na Milegi Dobara, we are happy to once again partner with Excel who are known to make films that entertain as well as consistently offer a fresh take on cinema. Dil Dhadakne Do and Bangistan are looking extremely promising and we are looking forward to showcase these films internationally through our digital and distribution network.”

     

    Excel Entertainment producer Ritesh Sidhwani added: “We are happy to collaborate with Eros for these two exciting projects and present them on a worldwide platform through their outstanding distribution network.”

     

    Eros will release Bangistan on 17 April 2015 and Dil Dhadakne Do on 5 June 2015 in the international markets.

  • Eros International Media and Viacom18 Motion Pictures Announce International Distribution Agreement

    Eros International Media and Viacom18 Motion Pictures Announce International Distribution Agreement

    MUMBAI: Eros  International Media  Limited (“Eros”),  a  leading global  film  company in  the India  film entertainment industry and Viacoml8  Motion Pictures, a division of Viacom 18 Media Pvt. Ltd, a joint venture operation  in India between Viacom Inc. and the Networkl8  Group,  announced today an international  distribution  agreement.   The  deal includes four-films:  Mary Kom- directed by Omung Kumar and starring Priyanka Chopra;, Gabbar- directed by Krish starring Akshay Kumar & Shruti Hassan; Golu Pappu- directed by Kabir Sadanand and starring Dimple Kapadia, Vir Das and Kunal Roy Kapoor; and Santa Banta- directed by Akashdeep Sabir and starring Boman Irani and Vir Das.

     

    Pranab Kapadia, President, Marketing and  Distribution for  Eros  International Pic said, “We  are pleased to work with Viacom18 to present these highly anticipated films to overseas audiences. With our strong international distribution network and marketing capabilities, we anticipate that these films will have successful ru/IS in overseas markets.”

     

    Ajit Andhare, COO, Viacom18 Motion Pictures  said, “Indian cinema caters to audiences not just in India, but global v.   This multi-film alliance with Eros will provide the Indian fan base abroad a chance to experience our films that are rich in content and deliver cutting-edge narratives.

     

    Mary  Kom,  the first of the films  to be distributed  internationally  under this alliance,  will  release in over 250 screens  on September 5, 2014.