REG - Eros Media World PLC - EMWP Announces Corporate Restructuring
19/06/2023 17:45
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RNS Number : 2068D Eros Media World PLC 19 June 2023
Eros Media World Plc Announces Corporate Restructuring
Sale of Eros Music Catalog & Eros Now OTT, New Web 3.0 & Films Studio
Focus
Douglas, Isle of Man, June 19, 2023
Eros Media World PLC ("Eros Media", "Eros" or the "Company"), a global Indian
media and entertainment company has announced corporate restructuring updates
following its earlier decisions to deregister under the US Securities Exchange
Act of 1934, which became effective on April 20, 2023, and the delisting from
the New York Stock Exchange ("NYSE"). The Company has been exploring a number
of potential strategies including selective sale of assets in its diversified
portfolio, so that it may concentrate on its core business.
On March 22, 2023, the Company's India subsidiary, Eros International Media
Limited, announced that it has executed a binding agreement for an itemised
asset sale with regards to its music assets (including all rights, title and
interests related thereto) to a global music major entity.
On March 28, 2023, the Company executed a Share Purchase Agreement by and
amongst Eros Media World Plc, its wholly owned Isle of Man subsidiary, Eros
Digital Limited ("EDL") and Xfinite Global Plc, to sell and transfer the 'Eros
Now' OTT platform along with any incidental trademarks, including the complete
content library owned by or licensed to the EDL and its subsidiaries, all
contracts, licenses in relation to the business, key personnel and all other
peripheral items that are required to or necessary for the conduct of the
business of Eros Now to Xfinite Global PLC, subject to final closing
conditions. The decision to sell Eros Now to Xfinite Global PLC took place
after an extensive process overseen by a Special Independent Committee of the
Board to solicit bids from potential buyers and to negotiate the best possible
terms from Xfinite Global PLC. Xfinite Global PLC is controlled by members of
the family that founded the Company and continue to hold a controlling
interest in the Company.
The Company intends to invest in its core business of Film Studios to acquire,
co-produce and distribute films, digital content, and music across multiple
formats such as theatrical, television, OTT digital media streaming and plans
to reveal its upcoming film slate shortly. The Company is also focused on next
generation growth initiatives in the emerging Web 3.0 ecosystem which includes
leveraging enhanced blockchain technology and solutions build upon
decentralization of data, self-sovereign identities and token-based economics,
including content libraries for diversified end use in Media &
Entertainment, e-Commerce, Gaming & Metaverse ecosystems.
The Company remains committed to expedited completion of its financial
statement audit for prior years and strives to be debt-free with reduction of
debt across all group entities and optimised spending, to target a business
turnaround in order to maximize long-term shareholder value through
sustainable company operations and growth.
About Eros Media World Plc
Eros Media World Plc, ("Eros", the "Company") is a global media and
entertainment company. For further information, please
visit www.ErosMediaWorld.com (http://www.erosmediaworld.com) .
Company Contact
EMWP Investor Relations, Email investors@erosintl.com
(mailto:investors@erosintl.com)
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