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Tag: Eros

  • Eros plans $250 mn public float on NYSE, to delist from AIM

    Eros plans $250 mn public float on NYSE, to delist from AIM

    MUMBAI: Eros International Plc is planning a $250 million public float in the New York Stock Exchange while delisting from the Alternative Investment Market of the London Stock Exchange.

    The filmed entertainment company has filed with the United States Securities and Exchange Commission for an initial public offering of its A Ordinary Shares to raise up to $250 million.

    Eros said it decided to move to the US capital market as it offers access to additional capital on more favourable terms and increases liquidity. “It will also offer more relevant peer group and broader analyst coverage,” Eros said in its filing.

    The number of shares to be offered and the price range for the offering have not yet been determined.

    Eros has appointed Deutsche Bank Securities, BofA Merrill Lynch, Citigroup and UBS Securities LLC as joint book-runners for the offering.

    The company plans to use the proceeds from the proposed IPO to fund new co-productions and acquisitions of Hindi and regional film catalogue content and film-related content. The IPO money will also be utilised to grow its digital distribution channel and strengthen other distribution channels.

    Eros, which was listed on Bombay Stock Exchange and National Stock Exchange in 2010, also revealed that it will not pay any dividends in the foreseeable future and intends to retain future earnings. The company has not declared any dividend since incorporation in 2006 as all profits have been retained and utilised to grow its business.

    For the fiscal 2011, the company‘s revenue grew to $164.6 million, from $149.7 million a year ago. Eros has posted revenue of $166.3 million for the nine months ended 31 December 2011, from $124.3 million in the same period of the earlier year.

    EBITDA increased to $58.6 million for fiscal 2011 from $53.2 million for fiscal 2010. It stood at $59.6 million for the nine months ended 31 December 2011 compared to $45.4 million a year ago.

    The aggregate outstanding debt of the company stood at $228.6 million as of 31 December 2011, with $16.2 million remaining available under existing financing arrangements, and cash and cash equivalents of $120 million.

    The company revealed that it will release over 270 new films over the next three fiscal years and has aggregated a film library of over 1,900 films, plus approximately 700 additional films for which it only holds digital rights.

    Eros also claimed that its international distribution network extends to over 50 countries, including US, UK, Germany, Poland, Russia, Indonesia, Malaysia, Taiwan, Japan, South Korea, China and Arabic speaking countries, where Indian films are released through dubbing in local languages.

    The company intends to list its common stock on the New York Stock Exchange under the symbol “Eros”.

  • Eros Q3 net jumps 48% to Rs 651 mn

    Eros Q3 net jumps 48% to Rs 651 mn

    MUMBAI: The pure play film producer and distributor company Eros International has reported a 48 per cent jump in consolidated net profit (before minority interest) on the back of commercially successful movies like Ra.One and Rockstar for the third quarter ending 31 December 2011.

    Eros has posted a net profit of Rs 650.9 million in the quarter, as against a net profit of Rs 439.9 million in the year-ago period.

    Total income during the quarter under review went up 44.8 per cent to Rs 4.12 billion, compared to Rs 2.84 billion it had posted in the corresponding quarter of the previous fiscal.

    Eros’ Ebit for the quarter stood at Rs 1.03 billion, up 57.1 per cent, compared to Rs 653.5 million a year ago.

    Eros International Media MD Sunil Lulla said, “Eros International has performed well for Q3 FY2012 on account of successful releases such as ‘Ra.One’, ‘Rockstar’ and ‘Desi Boyz’.”

    We are continuing to enhance our existing film slate by further adding new films such as Kochadaiyaan starring Rajinikanth, Yohan Adhayam Ondru starring Vijay, Go Goa Gone to name a few to our existing film slate which includes ‘Housefull 2’, ‘Cocktail’, ‘Khiladi 786’, ‘Hum Se Pyar Kar Le Tu’ and many others that also include regional language releases, thus maintaining a leadership position in this rapidly evolving sector.

    Eros has announced that it has over 50 films on its slate which will be released during 2013 and 2014. It expects to release 7-8 Hindi movies in the next six to nine months, prominent among them being Agent Vinod, Khiladi 786 and Housfull 2 among others.

    “We continue to focus on making advances towards regional movie releases including Tamil and Punjabi movies in order to widen the overall product portfolio by adding a few Tamil movies on global scale. With regards to this, we recently announced a co-production deal with Media One for Kochadayiaan starring Rajinikanth and Photon Kathaas Productions for a Tamil film titled ‘Yohan: Adhyayam Ondru’ starring Vijay.”

  • Prime Focus Q3 net up 50% to Rs 262.9 mn

    Prime Focus Q3 net up 50% to Rs 262.9 mn

    MUMBAI: Prime Focus Limited has posted a consolidated net profit of Rs 262.9 million for tthe fiscal-third quarter ended December 2011, which is 50.4 per cent higher compared to the Rs 174.8 million the company posted in the same quarter in the previous fiscal.

    The company’s consolidated income also rose 67.6 per cent to Rs 2.13 billion for the third quarter compared to the Rs 1.27 billion that the company posted in financial year 2010 for the same quarter. Net income jumped to Rs 612.7 million for the current quarter as opposed to Rs 370.6 million in the previous fiscal for the same period.

    Prime Focus MD & CEO Ramki Sankaranarayanan said, “I am pleased to report a good set of results based on the continued strong performance of our 2D-3D conversion business, which is growing rapidly on the back of superior technology platform, View-DTM and service delivery to Hollywood studios. Five of the 10 Oscar nominations in the visual effects category this year are projects we are proud to have contributed our services to, clearly reflecting our global penetration in this space.

    “Our subsidiary Prime Focus Technologies (PFT) is in the forefront of cloud computing driven execution of digital processes in the media industry. As broadcasters and content owners embrace HD TV, file-based workflows and multi-platform delivery, new age standard operating procedures and engagement models are emerging in managing unified content operations. CLEARTM, our hybrid cloud platform, on the back of the successes in India with Star TV, Eros, Unilever, Balaji Telefilms and JWT, now have global wins as well reflecting its potential for the future."

    PFL is a global visual entertainment services group that provides creative and technical services to the film, broadcast, and advertising market.

  • Eros set to release Bol on 31 August

    Eros set to release Bol on 31 August

    Mumbai/New Delhi: The Pakistani film ‘Bol‘ by Shoaib Mansoor under the banner Geo Films, which has already broken the records set by ‘My Name is Khan’ following its release in Pakistan on 24 June, is slated to release in India by Eros International on 31 August to coincide with the festival of Id-ul-Fitr marking the end of the month of Ramadan.

    The film is based on an original story Mansoor, who had earlier made history by succeeding at the Indian box office with his film ‘Khuda Ke Liye’ which had also starred Naseeruddin Shah in an important role.

    The film is also being released worldwide in countries where Urdu-speaking people live.

    The exercise was spearheaded by Krishika Lulla, known to be a supporter of woman- oriented socially relevant causes.

    “This is a fabulous film that deals with gender issues in Pakistan, questioning the reasoning behind considering the birth of a female child as a bane,” said Lulla in a statement.

    “The film will touch hearts regardless of geographical borders. Those in India who have seen the film have all shared the same reaction. If Mansoor‘s Khuda Ke Liye caused goose bumps, Bol will send a shiver down your spine,” she added.

    The film is about the status of women in a society headed by orthodox males, and also deals with the issue of families ill-treating the girl child on failing to get male children.

  • Eros to pump in Rs 5 bn in FY’12

    Eros to pump in Rs 5 bn in FY’12

    MUMBAI: Eros International plans to invest Rs 5 billion and release 75 movies in the fiscal ended March 2012, a senior official said.

    The slate will have 16-20 Hindi movies while the remaining will be in other languages. The company has released 19 movies in the fiscal first-quarter.

    “We intend to invest Rs 5 billion in FY‘12. Our plan is to release 70-75 films in the fiscal,” said Eros Group India chief financial officer Kamal Jain.

    The pure play movie production company will be foraying into Telugu and Bengali language films. It already produces movies in Hindi, Tamil, Marathi and Punjabi languages.

    “We are looking at a slate of 3-4 Punjabi movies, four Marathi movies and 1-2 Telugu movies in FY‘12,” said Jain.

    Eros has eight co-productions locked for FY‘12. It will release Mausam, RA.One, Rockstar, Agent Vinod and Desi Boyz in the fiscal.

    The company has planned 2-3 small movie releases with budget of less than Rs 50 million during the Indian Premier League (IPL).

    “We are looking at a revenue growth of 30 per cent in FY‘12,” said Jain.

    Eros had posted a consolidated revenue of Rs 7.16 billion in FY’11 and a net profit of Rs 1.17 billion.

  • ‘We are considering an IPO’ : Venus Records & Tapes director Ratan Jain

    ‘We are considering an IPO’ : Venus Records & Tapes director Ratan Jain

    Venus Records & Tapes director Ratan Jain is a busy man, collecting box-office feedback from his new release De Dana Dan.

     

    Built on Rs 670 million with Eros as an equal partner, the movie is crucial to Jain‘s expansion plans. He is readying a movie with Priyadarshan and another with Abbas-Mastan after having stayed away from film production for a brief while due to an unrealistic rise in prices.

     

    Venus has one-third of its revenues coming from music. With a correction in prices, the company plans to swing back into acquisition of titles.

     

    Venus is also considering an initial public offering (IPO) to fund its expansion plans.

     

    The company expects to clock a revenue of Rs 1.20 billion this fiscal on the back of a big movie release and the music business.

     

    Cutting across his busy schedule, Jain speaks to indiantelevision.com‘s Sibabrata Das and Ashish Mitra about the need to be cautious in an overheated movie market.

     

    Excerpts:
     

     
    Why has Venus been slowing down on movie production and acquisition of music rights for the last couple of years?

    The prices skyrocketed and we decided to stay outside the ring. Some companies wanted to scale up and actors and technicians jacked up their rates to an unrealistic level. The movie industry went haywire. The same thing happened to the music industry. For the films that we released, we, however, kept the music rights. But it did not make business sense for us to acquire music rights at such inflated prices.
     

     
    Do you see the prices having fully corrected?

    They have definitely corrected to a large extent and things have come to some state of reality. But some actors and technicians are still looking at extremely high rates. Despite a fall in the cost structure, there is a scale down in the number of movies being produced this year.
     
     

    Venus has swung back into action with a big budget movie De Dana Dan. Has the co-production with Eros come at the right time for you?

    The movie is made on a budget of Rs 670 million and it is a 50:50 joint venture project with Eros. While Eros has kept the home video and international distribution rights, we have the India distribution and satellite TV rights. Baba Arts is handling the distribution for us. Early indications from the box office show that the movie is going to be a hit.

     

    Priyadarshan makes out-and-out comedy films. De Dana Dan also marks the return of all three protagonists of Hera Pheri – Akshay Kumar, Suniel Shetty and Paresh Rawal.
     

     
    Will this movie spur you to scale up particularly as it comes after a gap of more than a year since your last film Maan Gaye Mughal E Azam?

    Yes, Maan Gaye… released on 22 August 2008. And I rolled the shooting of De Dana Dan on 26 November last year, the day the terrorists struck in Mumbai. I remember when we were in a middle of a shoot, we got a call from a friend of mine that terrorists were firing at CST.

     

    As far as my film goes, we do a research of at least six months and then go in for shooting. This film has taken exactly a year.

     

    I don‘t see Venus doing more than two movies a year. We could also be doing smaller movies but it is difficult to market and release them. We have two projects in the pipeline – one with Priyadarshan in August and the other with Abbas Mastan.

     
     
    Will you go for a syndication model or sell outright the satellite TV rights for De Dana Dan?

    We are in advanced negotiations to sell the rights. Syndicating the movie to multiple broadcasters is good for channels but not for us. It takes time to recover money. And it has worked when you have big hits like Jab We Met and Singh is Kinng which can have many runs across channels. Syndication also works when you have a basket of films.
     
     

    ‘We expect to clock Rs 1.20 billion in FY‘10. Venus is not just surviving on movie releases. We have a strong music business. We also trade in satellite TV and video rights‘
     
     

    Have prices for satellite rights slumped this year?

    Prices have fallen compared to last year. Internal competition and entrants have spoilt the market. We had fictitious prices ruling the market.
     

     
    Has the downturn affected your revenues?

    There is no recession in the entertainment business. We clocked over Rs 1 billion last fiscal and are expecting to have a turnover of Rs 1.20 billion in FY‘10. Venus is not just surviving on movie releases. We have a strong music business. We also trade in satellite TV and video rights.
     

     
    What steps are you taking to boost your revenues from the music segment?

    Music accounts for 30-40 per cent of our total turnover. Besides mainstream Bollywood, we bring out music CDs of all kinds including ghazals, regional languages and bhajans. We are exploiting the digital and mobile platforms. A major chunk of our revenue comes from downloading.
     

     
    But you haven‘t been acquiring music rights aggressively in recent years?

    With the prices going berserk, we largely stayed out of it. But we have a vast library, holding over 3000 music titles. While 600 are film music titles, the remaining are non-film music titles.

     

    On the movie front, we have negative rights of 50 movies.
     

     
    Zee had shown interest in acquiring 60 per cent stake in Venus in 2006. What went against the deal?

    There were commitment issues. While at that time we thought of that as an expansion route for us, now we are not looking at such alliances.
     
     

    Are you looking at other ways of raising capital to fund your expansion plans?

    We are considering an initial public offering (IPO). We were not ready for a public listing then. Now we have taken the necessary steps. We could also be looking at a pre-IPO placement. But we haven‘t frozen our plans yet.
     
  • SET India acquires slate of Bollywood titles from Eros

    SET India acquires slate of Bollywood titles from Eros

    MUMBAI: Sony Entertainment Television has acquired the global satellite rights for a package of films, including blockbuster hit Lage Raho Munnabhai, from leading Bollywood media and entertainment major Eros International.

    The deal gives Sony retain exclusive broadcasting rights to the original version of a slate of titles for five years and includes recent films like Salaam-e-Ishq as well as upcoming releases like Namastey London.

    Sunil Lulla, the director and president for India at Eros International, was quoted in an official statement as saying: “We have a strong relationship with all the leading Indian television networks and are delighted that Eros’ content will now be showcased on Sony Entertainment Television. It is one of the leading channels in India with a global footprint. We also regularly partner with Sony to market and promote our films through its extensive television network.”

    Said Set India CEO Kunal Dasgupta, “Eros is a major player within the Indian film sector and Bollywood films are a critical part of our programming mix. We are delighted to have secured this deal with Eros with whom we have enjoyed a great working relationship for several years.”

    Queried as to the number of titles in the package, Set India COO NP Singh said they comprised some 15-16 movies.

  • Barney brings smile to kids and new business opp

    Barney brings smile to kids and new business opp

    MUMBAI: If you forget for a while this is business, just think: two dozen hardened scribes armed with tough questions laughed in glee and clapped heartily… Barney & Friends are here, for the first time in India.

    There is business, of course, but the short sneak peek for the media saw what Kavita Bedi said come true. Barney does indeed touch the child in everyone of us. Bedi’s company Just Because It’s Children has brought the world famous show to India.

    The huge Tyrannosaurus rex and his two friends danced and sang with amazing agility, despite their fluffy costumes, and gave a preview of the pure, innocent entertainment that is now a billion dollar industry the world over, as Nik Larkin, officially designated Chief Dreamer at MEI Entertainment of Australia (MEIEA) told indiantelevision.com after the press preview.

    The show is to be held at the Siri Fort Auditorium on 17 and 18 February, and Bedi was forthcoming: “I need the media’s help to make this programme a success.”

    Bedi told this correspondent that as a marketing person, she feels there is a huge business in this sector of live edutainment, where entertainment is not just educative but has parental approval as well. “We shall talk money if this programme is successful. Let’s see,” she said.

    Part of this business outlook was evident with sponsors ranging from Lilliput, Sunfest Pasta Treat, HT I Love Delhi, Hotel Intercontinental, Eros, Whirlpool, LIC, Berger Kidz, Singapore Airlines and others.

    Tickets range from Rs 1,500 down to Rs 300, “so that a wide range of children and their parents will be able to see the show,” Bedi says. But she added that 50 disadvantaged children – to be selected by the various NGOs her company works with – will be given free tickets.

    This show is the outcome of an exclusive tie-up between JBC and MEIEA, which is the official licensee of Barney Big Funtime, along with Turner International’s kids channel Pogo.

    Monica Tata, Turner vice president, advertising sales and networks (India and South Asia) said that this is a big business but did not want to talk about any new business model.

    Asked whether there seems to be a new business direction emerging at Turner’s with two programmes with outside companies and NGOs coming in rapid succession (Turner is also promoting the Galli Galli Sim Sim kids programmes to be taken to slums through TV on push carts), she said: “There is no business model. Galli Galli is a different project with a different philosophy and aim… this programme is different.”

    She explained that this is in keeping with Turner’s policy of staying ahead in the business of kids entertainment. “We had introduced Barney and Friends to India in 2004, in our pre-school block, Tiny TV. Likewise, it was natural for us to pioneer this kind of stage shows for children and we are the media partners in the project.”

    Bedi admitted that this is a hugely costly project. Apart from the cost of bringing in the team, there was research. She said her company is trying to bring in something radically new in children’s education and entertainment.

    Asked why she thought children here would relate to things so distinctly foreign, she said that she had followed the programme elsewhere as part of her research, and “whether they are Malaysians or Chinese, children have accepted this as their programme,” she averred.

    But she would not disclose the cost, and though the programme has several sponsors at various levels, she did not want to discuss business issues.

    MEI has been working in the field of edutainment for the past 20 years and have created some major live family entertainment programmes in Australia, Malaysia, the Philippines, Indonesia, Korea, Singapore, Hong Kong, Taiwan and the Middle East.

    Currently it is doing these live character shows using licensed characters from major entertainment property owners, such as Cartoon Network, HIT Entertainment, and others, and some of their programmes – whether originally created by them or licensed – have played in other languages like Mandarin, Cantonese and Arabic.

    Barney, a character created in 1987 by Sheryl Leach, has already won the BEANIE License of the Year in 1993, from the International Licensing Industry Merchandisers Association, and played live at Bill Clinton’s inauguration as US president.

     

  • Eros acquires distribution rights for Aishwarya Rai’s ‘Provoked’

    Eros acquires distribution rights for Aishwarya Rai’s ‘Provoked’

    MUMBAI: Eros International plc has acquired the distribution rights of Provoked starring Aishwarya Rai for the UK and US, besides the Indian terriority.

    Provoked is based on the true story of a Punjabi woman named Kiranjit Ahluwalia who moves to England and marries a man who subjects her to violent physical abuse. In a fit of desperation, she resorts to killing him and is subsequently charged with first-degree murder and sentenced to life imprisonment. The movie follows her pursuit for justice, according to an official statement.

    Kiranjit Ahluwalia’s story has succeeded in transforming the British judicial system and the meaning of ‘provocation’ has since been redefined in the case of physically abused women. The story has been so influential that a book was published on her life called ‘Circle of Light’, by Rahila Gupta.

    Directed by Jag Mundhra Provoked also stars Miranda Richardson (The Hours, Phantom of the Opera, Get Carter), Robbie Coltrane (Harry Potter, Ocean’s 12, Golden Eye, The World is Not Enough), Nandita Das (Sandstorm, Fire, Earth), Rebecca Pidgeon (Heist), Deborah Moore (Die Another Day) and Naveen Andrews (Lost, The English Patient, Bride & Prejudice)

    The movie was screened at this year’s Cannes Film Festival and more recently to Patricia Hewitt, British Culture Minister, informs the statement. Eros will be announcing the release date of the film shortly.