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Tag: Eros Media World

  • Eros Media World clears $56 million debt, strengthens financial position

    Eros Media World clears $56 million debt, strengthens financial position

    MUMBAI: Eros Media World PLC (EMWP) just hit a blockbuster financial milestone—becoming debt-free in India. Over the past three years, the global Indian film entertainment powerhouse has successfully repaid its outstanding bank debt, including principal and interest, totalling approximately $56 million at current exchange rates.

    At its annual general meeting on 28 February 2025, the company’s Indian subsidiary, Eros International Media Ltd (EIML), confirmed to shareholders that the full repayment had been completed during Q3 of the 2024-25 fiscal year. This financial feat follows EIML’s successful implementation of its debt resolution plan under the Reserve Bank of India’s “Resolution Framework for COVID-19 Related Stress” circular, introduced on 6 August 2020. Notably, EIML had first announced the implementation of this plan on 22 June 2021, covering an aggregate debt of Rs 468.07 crore at the time.

    This achievement isn’t just about numbers—it’s a game-changer for Eros Media World’s financial stability. With a clean slate, the company now has greater flexibility to invest in its strategic priorities, expand its global footprint, and double down on high-quality content production.

    “With the successful repayment of our bank debt in India, we have significantly strengthened our financial health, reinforcing our long-term commitment to financial discipline. This achievement allows us to focus on growing our entertainment business and unlocking new opportunities for value creation,” said Eros Media World PLC director Kishore Lulla.

    With India’s debt burden off its books, Eros Media World can now channel resources into growth, innovation, and content development. The company remains committed to producing premium entertainment and pushing boundaries in the global entertainment industry.

    As streaming wars heat up and the demand for high-quality content skyrockets, Eros Media World stands well-positioned to leverage its strengthened financial footing for bold new ventures.

  • US SEC closes perusal into Eros Media World with no enforcement action

    US SEC closes perusal into Eros Media World with no enforcement action

    MUMBAI: Eros Media World plc (EMW) can finally breathe a sigh of relief. Following a thorough internal review and multiple investigations by the United States Securities and Exchange Commission (SEC), the company has emerged unscathed, with the SEC officially closing its inquiry without recommending any enforcement action.

    An internal investigation by EMW’s audit committee concluded that the company’s accounting practices and internal controls were sound. The review found that:

    1    No revenues for the fiscal year ending 31 March 2020, were improperly recognised.

    2    No impairments existed in intangible assets or goodwill as stated in the company’s Form 6-K dated 31 March 2021.

    3    No material weaknesses were identified in internal controls over financial reporting.

    These findings marked a decisive end to allegations of inflated revenues, misleading financial statements, and improper related-party transactions, which had triggered three separate SEC investigations.

    Eros Media World has faced waves of criticism and short attacks from entities like Hindenburg Research, which itself recently announced its closure. However, the conclusion of these investigations without any adverse action underscores EMW’s commitment to transparency and compliance.

    “We are most pleased to have these issues behind us as we look forward to a new future for the company,” said Eros Media World group founder & ED Kishore Lulla.

    Lulla extended gratitude to the company’s legal team for their exceptional representation throughout this challenging period:

    1    Levine Lee LLP, Kenneth E. Lee led litigation and outside counsel.

    2    Cravath, Swaine & Moore LLP, Rachel G. Skaistis SEC counsel.

    3    Cleary Gottlieb Steen & Hamilton LLP Victor Hou.

    With the investigations closed and the company cleared of allegations, EMW is charting a new course for growth and innovation in the media and entertainment space. The closure of these cases allows the company to refocus on its core mission while reinforcing its commitment to ethical practices and transparency.

  • Effie India Awards 2025: Celebrating marketing brilliance on 24 January

    Effie India Awards 2025: Celebrating marketing brilliance on 24 January

    MUMBAI: Mark your calendars because this won’t be like your typical ordinary friday.

    The Effie India Awards, the nation’s most prestigious advertising and marketing event, will light up the industry on Friday, 24 January 2025, at 6:30 p.m. Hosted by The Advertising Club, this gala evening promises to celebrate innovative campaigns, impactful collaborations, and marketing brilliance.

    Effie Worldwide stands as the global gold standard for marketing effectiveness. These awards spotlight campaigns that work in the marketplace, recognising how advertising contributes to building brands. Unique in its approach, the Effie honours both agencies and clients, showcasing the collaborative spirit that fuels transformative results.

    For 23 years, the Effie India Awards have been a highlight of the advertising and marketing calendar, drawing over 1,200 industry professionals annually. Today, it is the second-largest Effie globally, with this year’s edition receiving a record-breaking 1,152 entries from 75 agencies, judged by an esteemed panel of 486 jury members.

    The Advertising Club president and Havas India group CEO, Rana Barua emphasised the event’s significance, “The Effie Awards are a celebration of marketing brilliance, where effectiveness meets innovation, and efficiency thrives through collaboration. Effie India stands as a beacon of excellence, recognising campaigns that go beyond expectations, forge new standards, and exemplify the true spirit of partnerships that drive impactful and transformative business success. I look forward to this year’s winning campaigns.”

    This year’s judging process combined online and in-person sessions across Mumbai, Delhi, and Bangalore, with round two introducing jury chairs for each session, a move widely appreciated by participants. The panel included 254 marketing professionals who meticulously assessed campaigns, ensuring only the best reached the final stage.

    Effie India Awards chairperson and The Horologists founder, Mitrajit Bhattacharya said, “Elaborating on the awards, Mitrajit Bhattacharya, Chairperson, EFFIE India said, “It gives me great joy to host the 24th Effie India Awards Gala on the 24th of January. Celebrating the best work of the year with the people who create them is a huge high for all of us at the Effie India committee and The Advertising Club. A big thank you to 486 judges who judged a record-breaking (for a 12 month assessment period) of 1152 entries over three rounds of online and physical judging. In the round 2 judging that was physically held, we introduced a jury chair for each session of judging, which was hugely appreciated. I also thank each participating agency and client for their support.”

    The Effie India Awards 2025 promises to be a night of glamour, innovation, and celebration. Following the awards ceremony, attendees will enjoy cocktails and dinner, providing an ideal setting for networking and connecting with industry leaders.

    Effie India Awards co-chairperson and Eros Media World group CEO, Pradeep Dwivedi added, “It’s an honour to serve as the co-chairperson for Effie Awards India. This platform celebrates the power of creative thinking and measurable impact, which are the cornerstones of successful marketing. I look forward to collaborating with industry leaders to recognise and reward the campaigns that truly drive results and set benchmarks for excellence. I would also like to thank Effie Global for their steadfast support through the jury & award process.”

    With its legacy of inspiring excellence and innovation, the Effie Awards remain the most coveted honour for advertising and marketing professionals. Be part of this unmissable evening on 24 January 2025 and witness the campaigns that are redefining the industry.

  • Eros Now announces partnership with Fetch TV; expands in Australia

    Eros Now announces partnership with Fetch TV; expands in Australia

    Mumbai: South Asian OTT platform Eros Now owned by Eros Media World (a global entertainment company) on has announced that Eros Now has expanded its presence in Australia through a partnership with the leading Australian content aggregation platform Fetch TV. Fetch viewers will now have access to Eros Now’s rich content library across multiple languages & genres. 

    The collaboration is in line with Eros Now’s strategy to focus on growing direct-to-consumer relationships while strengthening and expanding key distribution partnerships.  This new distribution partnership with Fetch TV provides over 6,30,000 active Fetch subscribers with access to Eros Now’s rich content of over 12,000 Indian movies, originals, music, short-form content, and more across several languages and genres.

    Eros Now CEO Ali Hussein said, “Streaming platforms are gaining popularity worldwide and have emerged as a key driver for multilingual content across a wider audience segment. Fetch TV has been a leading aggregator of streaming services and other entertainment content in the Australian market for over 10 years. This collaboration will certainly help us enhance our horizons in terms of international audience and their preferences, and further strengthen our offering.”

    India enjoys a strong connection with Australia generated through its shared colonial history, growing Indian diaspora in the region, Bollywood, cricket, and tourism. According to the Australian Bureau of Statistics data, with over two per cent increase, Indians comprise the third largest population base in Australia. Additionally, Australia is among the most popular destinations for Indian students. With a good mix of young, old, and native South Asian population base, demand for Indian content has surged across the continent.

    Commenting on the collaboration, Fetch TV chief content and commercial officer Sam Hall said, “We are witnessing a huge demand for streaming services amongst our customers and have observed a shift in demand for multilingual content from traditional linear channels to streaming. We are thrilled to collaborate with a South Asian streaming leader like Eros Now to offer existing and future Fetch subscribers’ access to popular and high-quality South Asian content.”

    Fetch combines free-to-air TV channels, catch-up, premium linear channels, streaming apps, and movies all in one place. It offers an intuitive user experience (UX) and universal voice search to make it easy for users to find and view content. First time users of Eros Now will have access to a one month free trial on Fetch, allowing them to enjoy Eros Now’s premium content such as “Ram Leela,” “Go Goa Gone,” “Padmavaat,” “Manmarziyan,” “Tanu Weds Manu Returns,” “Raanjhana” and more.

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  • Eros Media to raise fund, board approves issue of 22.5 crore equity shares

    Eros Media to raise fund, board approves issue of 22.5 crore equity shares

    Mumbai: Eros International Media has announced its plans to raise funds, a change directorate and management on Thursday. Kishore Lulla resigned as the executive director of the company.

    The company’s board of directors approved an increase in the authorised share capital of the company from Rs 125 crore divided into 12.5 crore equity shares of Rs 10 each to Rs 350 crore divided into 35 crore equity shares of Rs 10 each by creation of additional 22.5 crore equity shares of face value of Rs 10 each ranking pari passu (same rate) in all respects with the existing equity shares of the company.  

    The board also approved the issue of up to Rs 13.5 crore convertible warrants for Rs 30 per warrant with a right to the warrant holders to apply for and be allotted one equity share of face value Rs 10 each of the company at a premium of Rs 20 per equity share for each warrant within 18 months from the date of allotment of warrants, for an amount up to Rs 405 crore for cash and in such form and manner and under Chapter V of the Securities and Exchange Board of India (SEBI), subject to the approval of members of the company and such regulatory/statutory authorities as may be applicable.

    The board appointed Vijay Jayantilal Thaker as an additional director of the company subject to shareholder approval in the ensuing annual general meeting. Thaker resigned from the role of the chief financial officer of the company.

    The company announced the appointment of Rajesh Chalke as chief financial officer.

    In April, the company had announced several additions to the board including the appointment of Rishika Lulla Singh as executive chairperson, Pradeep Dwivedi as new CEO and Rajesh Chalke as chief financial officer. It also changed the corporate name of the entity listed on New York Stock Exchange from ErosSTX Global to Eros Media World Plc after completing the previously announced sale of STX subsidiary. 

  • ErosSTX completes sale of STX; rebrands to Eros Media World

    ErosSTX completes sale of STX; rebrands to Eros Media World

    Mumbai: Entertainment major Eros STX Global Corp has changed its corporate name to ‘Eros Media World PLC’ (Eros Media). The company has completed the sale of STX and paid repaid $152 million of outstanding JP Morgan credit facility and subordinated credit facilities at STX level. According to the statement, the company will retain 15 per cent of non-voting stake in STX with long-term monetisation potential.

    Eros Media has named Rishika Lulla Singh as the new executive chairperson, Pradeep Dwivedi as new CEO and Rajesh Chalke as the new CFO and has made strategic additions to the board of directors and management team.

    It forecasts strong near-term revenue growth and significant reduction in net debt. Its current net debt of $130 million as of the end of fiscal year end (FYE) 2022, expected to decrease to $115 million by the end of FYE 2023. It also forecasts over $120 million in revenues for FYE 2023.

    “Eros Media has a deep and valuable content library combined with multiple monetisation channels positioned to drive long-term revenue growth and underpin capital efficient growth strategy,” said the statement. “Eros Now to target monetisation of existing content library and new original series through global partnerships and distribution arrangements, with a focus on more profitable direct-to-consumer subscribers.”

    “Innovative opportunities such as AVOD, blockchain and non-fungible tokens (NFTs) are expected to drive significant incremental upside, as well as renewed focus on growing Eros Now Music,” it added.