Eros International To Buy B4u Television $53.1 Million
Eros worldwide Plc, the father or mother firm of Eros worldwide Media Limited, appears to have reached a definitive settlement to accumulate 100% management of B4U tv Network, the Bollywood tv community. Eros worldwide beforehand held pure gold stake in B4U and in accordance to this agreement, Eros worldwide Plc anticipated to accumulate the remaining seventy six of B4U for a mix of money and share consideration of US$53. 1 million (Rs 278 Crores) on or after April 24, 2012.
B4U at present operates two tv channels – B4U Music, a Bollywood music channel and B4U Movies, a premium Bollywood film channel. It claims to provides Indian programming in additional than a hundred nations, together with India, the UK, US, Canada and nations within the center East and Africa, as of December 31, 2011.
whereas B4U movement footage broadcasts lately launched theatrical movement footage and and older titles by licensing it from varied content material material suppliers like Eros, B4U Music broadcasts traditional and new Bollywood hits in addition to worldwide Music by working instantly with document corporations and content material material homeowners like Eros. the corporate generates the bulk of its revenues via promoting in India and via charges earned by being an element of a cable or satellite tv for pc service provider’s subscription bundle Internationally.
The transaction is anticipated to roughly shut by August 22, 2012 i. e. a hundred and twenty days from the date of the definitive settlement until each the businesses mutually conform to increase the date.
final month, Eros worldwide Plc had filed an IPO with the US Securities and alternate fee (SEC) with intentions to boost $250 million. the corporate had hoped to get listed within the brand new York inventory Exchanged beneath the inventory image ‘EROS’, though it didn’t reveal the overall quantity of shares or the beginning worth. the corporate additionally knowledgeable that it is at present listed within the London inventory change underneath the image ‘EROS’ and it will apply for de-itemizing of its abnormal shares, following the share itemizing in NYSE.