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Tag: Eros International

  • Eros International, STX Entertainment join to create global entertainment content force

    Eros International, STX Entertainment join to create global entertainment content force

    MUMBAI: Eros International and STX Filmworks have entered into a definitive stock-for-stock merger agreement to create the first publicly traded, independent content and distribution company with global reach and unique positions in the US, India and China.  The transaction is subject to regulatory approvals and closing conditions and is expected to close in the second calendar quarter of 2020.

    The combined company will be called Eros STX Global Corporation.

    STX Entertainment is a fully-integrated global media company specialising in the production, marketing, and distribution of talent-driven motion picture, television and multimedia content. It is the first major entertainment and media company to be launched at this scale in Hollywood in more than twenty years.

    Founded in 2014, STX Entertainment is a leading independent Hollywood studio focused on producing, marketing, owning and distributing film and television content for global audiences across traditional and digital media platforms.

    To date, the company has released 34 films grossing over $1.5 billion in global box office receipts, including such leading titles as Hustlers, Bad Moms and The Upside. STX Entertainment has a deep global distribution network spanning 150+ countries with world-class partners. STX Entertainment has a differentiated asset-lite, capital efficient business model, unique strategic relationships and well-established access to the Chinese entertainment market. STX Entertainment generated revenue of over $400 million in calendar year 2019.

    The combined entity will have a robust pipeline of feature-length films and episodic content with powerful, well-established positions in the world’s fastest-growth global markets. The combined company, with $125 million of incremental equity, will boast a strong and revamped capital structure and superior liquidity position at close with $264 million of pro forma net debt, $195 million of pro forma cash balance and $120 million of available revolver capacity as of December 31, 2019. The combined company, which following the consummation of the transaction will be publicly traded on NYSE, will possess a strong management team led by highly experienced executives from both entities.

    “We are thrilled to join with STX Entertainment as this represents a landmark step in our company’s transformation. We are already at an inflection point as we move to a more consistent, stable and high growth revenue profile with our digital over-the-top (OTT) platform. This merger will not only fuel our growth but will also diversify our underlying sources of revenue and subscribers with a truly global play, building a powerhouse between East and West. We are well positioned to create long-term value for our shareholders, partners and employees,” Eros International executive chairman and chief executive officer Kishore Lulla said.

    “Collectively, we will have a unique capability to present our film and episodic libraries and pipeline of original content to a broad and growing global audience through multi-year output deals, strategic alliances and our market leading Eros Now streaming platform,” he added.

    “This company will be financially strong and uniquely positioned to compete immediately thanks to its global footprint, strong revenue and recapitalized balance sheet, including a large new equity commitment. These significant investments and no meaningful debt maturities in the near-term enable the company to pursue strategic investments in key growth areas, including traditional and digital distribution, film acquisition, TV production and development of original episodic content,” Lulla added further.

    “The combination of our two companies creates the first truly independent media company that deeply integrates the expertise and creative cultures of Hollywood and Bollywood. Kishore is a legend in the Indian entertainment industry and a pioneer in OTT content development and distribution in India. Together we will have the relationships, management expertise and resources to create new content and grow rapidly in the largest and most attractive global markets. On day one, we will have the ability to tap into our significant combined libraries and draw upon our deep relationships with A-list actors, directors and producers across the globe to create even more compelling content for millions of consumers,” STX Entertainment executive chairman and chief executive officer Robert Simonds stated.

    Transformational Combination Creates Strategic and Financial Benefits

    · Robust pipeline of film and episodic content with multi-channel distribution: The combined company is projected to release approximately 40 feature length films, including seven sequels to prior hits and 100+ originals of episodic content, in 2020. The combined company’s global multi-channel distribution across pay-TV via Showtime, digital via Netflix, Hulu, Amazon and Eros Now, the #1 Subscription Video on Demand (“SVOD”) platform for Indian content based on size of OTT library, reduces reliance on theatrical monetization. Eros Now’s strategic and distribution partnerships with Apple, NBCUniversal, Microsoft and YouTube, as well as STX Entertainment’s global output and distribution agreements covering 150+ territories, provides unique opportunities for rapid content proliferation.

    · Well-established positions in the fastest growing and largest global markets: In India, the world’s fastest growing media market, the combined company will have a leading box office presence and one of the largest libraries of Indian language films. In China, the world’s second fastest growing media market, the combined company will have existing production and distribution capabilities plus relationships with the most popular “A-list” talent in this market. In the United States, the combined company will have the leading box office share among independent Hollywood studios, with a successful film library and a substantial film and episodic content pipeline.

    · Strong capital structure and fully funded business plan enables long term stability and drives growth investment: Recapitalized balance sheet with $125 million of incremental new equity funding and meaningful extension of average debt maturities. The combined company will have a fully-funded business plan, a conservative capital structure, and superior liquidity position with $264 million of pro forma net debt, $195 million of pro forma cash balance and $120 million of revolver capacity as of December 31, 2019. In addition, the new company’s risk-mitigated production / distribution model requires limited company equity investment to produce content at scale, features low overhead and utilizes third-party funding to drive attractive margins and returns on investment.

    · Substantial operating synergy opportunities: The combined company is expected to generate approximately $50 million in run-rate operating synergies within 24 months of closing, stemming from integration and scale benefits, optimization of global content distribution and enhanced monetization of the Eros Now platform.

    · A newly constituted board of directors and senior leadership team: The initial Board of Directors of the combined company will include nine board members comprised of highly regarded media, private equity and public company executives with four Directors selected by Eros International (with one independent Director), four Directors selected by STX Entertainment (with one independent Director) and one independent Director selected jointly. Drawing talent from both companies, the combined entity will have a team of industry-leading creative, operational and financial experts, with deep knowledge of key global growth markets and U.S. public company governance experience. In addition to Lulla and Simonds, Andrew Warren, currently STX Entertainment’s Chief Financial Officer, will serve as CFO; Rishika Lulla Singh, currently Chairman of Eros Digital, and Noah Fogelson, currently STX Entertainment’s EVP of Corporate Strategy and General Counsel, will each serve as Co-Presidents; and Prem Parameswaran, currently Chief Financial Officer of Eros International, will serve as Head of Corporate Strategy. To ensure sustained market focus, Adam Fogelson will continue to serve as Chairman of STX Motion Pictures Group, while Pradeep Dwivedi will continue to serve as CEO-India.

  • Eros International to release 4 Hindi films overseas

    Eros International to release 4 Hindi films overseas

    MUMBAI: Eros International Plc, a global Indian entertainment company, has acquired international distribution rights to four bollywod films. The company has announced that it will release four Hindi language films across different genres later this year in several overseas markets including the UK, US and Middle East.

    First to release will be the romantic action film titled ‘Marjaavaan’ on 15 November, directed by Milap Zaveri, starring Sidharth Malhotra, Riteish Deshmukh, Tara Sutaria and Rakul Preet Singh. Produced by T-Series and Emmay Entertainment, the film is a dramatic, violent and action-packed love story.

    The second film to be distributed will be ‘Pagalpanti’, which is scheduled to release on 22 November. The forthcoming film is a comedy caper directed by filmmaker Anees Bazmee and produced by T-Series and Panorama Studios. The story of the film revolves around a group of Indian tourists on vacation that turns into a patriotic mission. The comedy stars Anil Kapoor, John Abraham, Ileana D'Cruz and Arshad Warsi.

    Eros International Media Ltd managing director Sunil Lulla said, “Eros continues to be a forerunner in releasing the biggest hits from Bollywood in significant markets across the globe. We take immense pride in taking quality cinema outside of India to maximise its viewership. And with this, we shall continue to forge our own path in the overseas market with the sole objective to delight the Indian diaspora and global consumers seeking fresh content.”

    Closely followed will be two other releases, one titled ‘Pati Patni Aur Woh’ and the other, ‘The Body’. The two starkly different films are scheduled to release simultaneously on 6 December. The former is a remake of a cult Bollywood film of the same name. Produced by T-Series and directed by Mudassar Aziz, the highly awaited film stars Kartik Aaryan, Ananya Panday and Bhumi Pednekar. ‘The Body’ is a thriller mystery inspired by its Spanish antecedent. Produced by Viacom18 Motion Pictures, the film is headlined by Emraan Hashmi, Rishi Kapoor, Vedhika and Sobhita Dhulipala. 

  • Ali Hussein promoted to CEO at Eros Now

    Ali Hussein promoted to CEO at Eros Now

    MUMBAI: Ali Hussein has been elevated to the post of chief executive officer (CEO) at Eros Now, the digital arm of Eros International PLC. Hussein joined the organisation as chief operating officer in 2018.

    His experience spans over 15 years in the media entertainment and digital space. Ali has been an entrepreneur and board advisor to Discovery Networks and other startups in the media and technology domain. The media professional has updated about his recent promotion on Linkedin.

    He was associated with organisations such as Google, Viacom 18 and Hungama where he has held key positions. His expertise comes from complex mandates across mobile marketing, content syndication and distribution.

  • Eros Now partners Microsoft to build next gen online video platform by leveraging Azure

    Eros Now partners Microsoft to build next gen online video platform by leveraging Azure

    MUMBAI: Eros Now, the digital arm of Eros International Plc announced a collaboration with Microsoft  to build a next generation online video platform on Microsoft Azure targeted at better consumer experience. The partnership will also help the latter to expand in the Indian market as it is one of Microsoft’s first forays into India’s crowded digital video space.

    “India is one of the fastest-growing digital entertainment and media markets worldwide, driven by the growth in online video content.  AI and intelligent cloud tools will be the next drivers of the media business and will impact everything from content creation to consumer experience.  We are very excited to work with Eros Now to redefine the online video watching experience for consumers,” Microsoft India president Anant Maheshwari said.

    Using Microsoft Azure and Azure Media Services, Eros will develop a new, intuitive online video platform. The new platform will provide seamless delivery of content for its consumers across geographies and languages, supported by a robust infrastructure including Azure Content Delivery Network (CDN).

    Eros will work to create new interactive voice offerings for consumers, powered by Azure AI tools, including OTT app video search experiences and voice search for video content across 10 Indian languages.

    “The online video market has brought a paradigm shift in the way technology is used and will be used to enhance the customer journey and user experience. We at Eros Now have been the earliest movers in the adoption of technology which is a core strength of the brand. The objective and the goal of this collaboration is to ensure we become the primary innovators for the video business and a gold standard for the others to follow. We have immense respect for Microsoft as a company to help us innovate and pave the path for the next generation of online video,” Eros Digital CEO Rishika Lulla Singh said.

    To increase consumer satisfaction and loyalty, Eros will create an engine to deliver personalised content recommendations for consumers by leveraging its own user data, combined with Azure AI, analytics, Cloud Data Warehousing solutions and Azure Media Services.

    Microsoft, Corp said, “As an innovator in on-demand video, Eros Now has been transforming the way millions of people access and consume content. By using our combined expertise across technology and media, we have an opportunity to build on that foundation and re-imagine entertainment for the rapidly growing audience of digitally-connected consumers in India," Rishika Lulla Singh executive vice president Peggy Johnson said.

  • Eros Now Leads All Major OTT Platforms in Market Share of Small and Regional Cities According to New Research

    Eros Now Leads All Major OTT Platforms in Market Share of Small and Regional Cities According to New Research

    Mumbai: Eros International Plc (NYSE:EROS) (“Eros” or the “Company”), a Global Indian Entertainment Company, announced today that Counterpoint Technology Market Research has recently released an in-depth study on OTT platforms and consumption patterns in India. According to the study, Eros Now has the largest share (59%) of users in the 25-39 age bracket in Tier II/III cities, the highest among all major OTT platforms. In terms of engagement, the study found that Eros Now users had the highest engagement levels compared to other OTT platforms, with 68% of Eros Now users indicating that they watch content on the platform daily. In addition, the survey points out that 9% of Eros Now users watch content on the platform for more than 21 hours per week.

    The Counterpoint Research study highlights several interesting trends and data points, including:

    ·         Content from comfort of home: 96% of Eros Now customers prefer watching content at home

    ·         Smart TV – the new choice: Eros Now has the highest percentage of its users watching content on Smart TV with a total of 27% – highest among all other leading OTT platforms

    ·         Demographic trends: Eros Now has the highest share of business owners as users – over 14%

    ·         Importance of Xiaomi: More than half (53%) of ErosNow users in Tier II/III cities own a Xiaomi smartphone.

    Rishika Lulla Singh, Chief Executive Officer of Eros Digital, commented on the key trends revealed in the survey, saying, “The Counterpoint survey is proof of the success of our endeavours not only to expand the consumer base but also to strengthen our foothold in the smaller cities of India. Our entry into the rural markets of India has played a significant role in the growth of the OTT industry in the country."

    Eros Now continues to thrive through its partnerships in India. Notably, Eros Now has partnered with Xiaomi for pre-installation on Smart TV's in India, a rapidly growing market. Eros Now is currently the only major Indian OTT platform to partner with Apple for its new Apple TV Plus service to be launched globally later this year.

  • Eros International Joins hands with Leading Korean production Companies Say On Media and B&C Group LLC

    Eros International Joins hands with Leading Korean production Companies Say On Media and B&C Group LLC

    MUMBAI: Eros International Media Limited, a leading global company in the Indian film entertainment industry, announced today that it has signed a significant deal with renowned Korean production company Say On Media and B&C Group LLC to co-produce the classic ancient story based on ‘Heo Hwang-Ok, Embrace of Gaya’ as a film and series. It is an adventure and love story of an Indian Princess travelling across the sea around 30 AD to an ancient kingdom in South Korea.

    Say On Media is a leading Korean production company specializing in global co-production. It’s been front runner in Korean web-drama market when web-drama industry was fledgling in Korea. The production company have successfully co-produced seven TV series with China and are known for producing “Doctor Stranger” a popular TV series in Korea. B&C Group LLC (Bold & Courageous) is a fully integrated Seoul and LA-based talent management, Film/TV production and finance company.

    The co-production is scheduled to go on floor soon and will be bilingual. With proposed A-list actors from India and Korea. It will be collaborative with shoot venues and crews from both the countries. Original story will have blend of Indian and Korean cultures and conceptualized by talented Indian and Korean writers.

    The human drama is based on an interesting premise of adventure and love story of an Indian princess travelling to Gimhae of South Gyeongsang province in Korea. Once there, she falls in love with the founder of Gaya kingdom, King Kim Soo-Ro, and becomes the queen. The legendary story of Princess Heo also known as Indian Princess Ratna of Ayuta kingdom and fleeing alliance of the conquering Prince Arun of Yeuzhi, a true tale of Love, political intrigue and trade rivalry form the crux of this epic saga.

    Commenting on the Indo-Korean strategic alliance, Ridhima Lulla, Chief Content Officer, Eros Group said, “Eros International greatly values this exciting partnership with Say On Media and B&C Group LLC. We are honored to associate with a powerhouse entity to build bridge between both regions. With our similar cultures, we want to tell stories with a mainstream appeal that transcend language and geographical boundaries. We consider this only the beginning of a new era and cannot wait for our fans to see the result of this successful partnership as it opens new doors and provides endless opportunities for everyone involved with filmmaking.”

    Lim Sung-Gyeoun, the CEO of Say On Media, added “We are very delighted to associate with leading studio like Eros International, our ideology resonates of backing content driven cinema. The production of the movie based on Heo Hwang-Ok would shed new light on Indian influence in Korean culture and activity. Also, it would have a huge impact both in India and pan-Indian markets.”

  • Eros Now strikes a strategic partnership with BSNL

    Eros Now strikes a strategic partnership with BSNL

    Mumbai:  Eros International PLC (NYSE:EROS) (“Eros”), a Global Indian Entertainment Company, announced today that Eros Now, its cutting-edge digital over-the-top (OTT) South Asian entertainment platform has entered into a platform and content association with Indian state-owned telecommunications company – Bharat Sanchar Nigam Ltd (BSNL). The association comes as an initiative to deliver high quality on-demand entertainment to BSNL consumers thus enhancing the reach of Eros Now paid subscribers across the rural parts of India.

    The partnership between Eros Now and BSNL will further enhance the entertainment experience of BSNL’s post-paid as well as the pre-paid subscribers through their access to the Eros Now app including the vast library of over 11,000+ movies, digital originals, Eros Now Quickie, music videos and more. The alliance is a first for BSNL’s large pre-paid customer base to avail the services of an online video platform. The tie-up will allow all BSNL customers across all packs and tariffs to access the collection of Bollywood and Regional entertainment, on the go via the Eros Now app.

    As per the recent report by Boston Consulting Group (BCG), by 2020, half of the internet population in India will be from rural India as the internet penetration there is expected to grow to as much as 35%, thus driving Video OTT services to take off in rural India. Eros Now’s association with BSNL reiterates its own reach strategy in connecting with predominantly rural Tier II and III markets where the telecom service provider has a strong foothold.

    Commenting on the partnership, Rishika Lulla Singh, CEO, Eros Digital, said, “As trends indicate, the OTT industry in India is expected to reach a size of $5 billion by 2023 with tier II, III and rural areas of India witnessing a sizeable increase in mobile penetration and data consumption. We are well poised to cater to this growing community and our alliance with BSNL is a step towards bridging the urban-rural gap and expanding our national reach”.

    Mr. Anupam Shrivastava, Chairman and Managing Director, BSNL informed that keeping up to the commitment of offering great service at affordable price to BSNL subscribers, BSNL has taken this initiative of offering unlimited free viewing of video content on the Eros Now app. This service will be made available to BSNL subscribers by end of January 2019.

  • Eros International acquires highly anticipated Telugu film Amar Akbar Anthony

    Eros International acquires highly anticipated Telugu film Amar Akbar Anthony

    MUMBAI: Eros International Media Ltd, a leading global company in the Indian film entertainment industry, in association with Mythri Movie Makers will be releasing Telugu action entertainer Amar Akbar Anthony. The action filled romantic drama is slated to hit the screens on November 16.

    Co-produced by Naveen Yerneni, Ravi Shankar Yalamanchili and Mohan Cherukuri under the banner Mythri Movie Makers, the film has all the elements of a masala entertainer – action, comedy and romance. Largely filmed in the USA, Amar Akbar Anthony is directed by Srinu Vaitla starring celebrated Telugu actor Ravi Teja in three different roles along with Ileana D’Cruz, marking the fourth venture of the hit couple together. Srinivas Reddy, Raghu Babu, Jayaprakash Reddy, Tanikella Bharani, Satya, Vennala Kishore, Ravi Prakash, Tarun Arora, Aditya Menon, Abhimanyu Singh, Vikramjit, Rajveer Singh, Shiyaji Shinde, Subhalekha Sudhakar comprise the remaining cast. The music has been composed by renowned composer, S Thaman.

    Speaking on the announcement, Sunil Lulla, Managing Director, Eros International Media Ltd said, “We are excited to collaborate with Mythri Movie Makers once again for Amar Akbar Anthony. The film looks very promising with its mass appeal and popular pairing of lead actors. We are looking forward to entertaining the audience with this light rom-com action film and remain focused on expanding our regional presence across languages and genres”.

  • Eros International acquires highly anticipated Telugu film Savyasachi

    Eros International acquires highly anticipated Telugu film Savyasachi

    MUMBAI: Eros International Media Ltd, a leading global company in the Indian film entertainment industry, in association with Mythri Movie Makers will release the much awaited, mystical thriller ‘Savyasachi’ on November 2, 2018.

    Co-produced by Naveen Yerneni, Ravi Shankar Yalamanchili & Mohan Cherukuri under the banner Mythri Movie Makers, the supernatural thriller is directed by Chandoo Mondeti. The highly anticipated pre-Diwali release features an ensemble star cast of Naga Chaitanya Akkineni, R Madhavan, Bhumika Chawla and Nidhhi Agerwal who makes her Telugu debut with this film. Veteran music composer M. M. Keeravani has composed the music in the film.

    The trailer of Savyasachi has gathered phenomenal traction with 4.4 million views on the internet in less than a week. The film focuses on the story of a young man who suffers from the Vanishing Twin Syndrome, a rare phenomenon where a twin pregnancy is detected at an early stage, but only one baby is eventually born, leading to twins sharing the same body.

    Speaking on the announcement, Sunil Lulla, Managing Director, Eros International Media Ltd said, “We are excited to collaborate with Mythri Movie Makers and come on board this one-of-a-kind film with a unique story that promises to be a mass entertainer. Savyasachi is filled with enthralling twists backed by an acclaimed star cast and makes for a perfect Diwali release. We recognize the great content emerging from south Indian cinema and our association with Savyasachi reiterates our focus on our regional expansion plans.”

  • Eros International’s Marathi superhit Boyz 2 shines at the box office collecting Rs. 13 crores within 10 days of release

    Eros International’s Marathi superhit Boyz 2 shines at the box office collecting Rs. 13 crores within 10 days of release

    MUMBAI: Eros International Media Ltd, a leading global company in the Indian film entertainment industry, has announced a very successful performance of its Marathi release Boyz 2 which has collected Rs. 13 crores within 10 days of its release on 5th October.

    Distributed by Eros International across 375 screens, the sequel to director Vishal Devrukhkar's super hit Boyz, Boyz 2, presented by Everest Entertainment and Eros International in association with Avadhoot Gupte and Supreme Motion Pictures Production had a hugely successful first week of Rs. 10 crores and collected Rs. 3 crores in its second weekend. The film continues to run successfully across cinemas.

    Eros’ other October releases including the critically acclaimed horror fantasy Tumbbad and Sriram Raghavan’s engaging crime thriller Andhadhun starring Ayushyamann Khurrana and Tabu that Eros released in the international markets have also fared well to rave response.

    Speaking on the success of its recent releases, Sunil Lulla, Managing Director, Eros International Media Ltd said, “It’s been an interesting mix of genres that we have presented to audiences this month, from comedy to horror and crime thriller, each of which has met with a very encouraging response. We want to continue remaining focused on contributing good cinema across languages that caters to all audience taste”.