Eros in early talks with Apple, others to sell content library: reports
Eros is in preliminary talks with Apple and other major content distributors including Netflix and Amazon to sell its entire content library of films and music
Mumbai: Indian movie production house Eros Group is in preliminary talks with Apple and other major content distributors to sell its entire content library of films and music, a person familiar with the matter told Reuters on Monday.
The other parties in the fray include Amazon and Netflix, but talks are in very early stages, said the person, who declined to be named as the discussions are private.
India’s Economic Times reported the talks earlier in the day. The newspaper, which cited multiple people familiar with the matter, said the deal could be worth around $1 billion.
Eros Group, whose Eros International Plc is listed in New York, and Netflix were not immediately reachable for comment. Apple said it does not comment on speculation, while a spokeswoman for Amazon also said “the company does not comment on rumour and speculation”.
Amazon and Netflix have been pushing especially hard to make inroads into the burgeoning Indian content streaming market, and have bulked up their Bollywood offerings significantly in a bid to lure new subscribers.
The deal may include Eros’ digital over-the-top (OTT) platform, Eros Now, the Economic Times report said. With OTT platforms, subscribers can view films and TV content via the internet, without having to sign up with a traditional cable or satellite-TV service provider.
JM Financial is advising Eros on the deal, the report added.
Shares of the India-listed Eros International Media rose as much as 9% in early trading on the National Stock Exchange to their highest since 31 July. The stock was up 5% at 220.85 rupees ($3.47) at 11.30 am. Reuters
Devidutta Tripathy in Mumbai, and Samantha Kareen Nair in Bengaluru contributed to this story.
Editor's Picks »
- BlackBerry Key2 with DTEK, physical keyboard launched in India; price, specifications
- Groundwater in Sterlite plant area contaminated beyond permissible limits: Govt
- Ace Turtle to foray into online FMCG, electronics retail
- Lok Sabha passes Negotiable Instruments Act amendment to cut litigation over bounced cheques
- Govt to park shares of PSUs in investment fund to meet public float rule
- Bajaj Auto’s dismal Q1 results builds a case for FY2019 earnings cut
- GST on paints cut, but companies may not pass on full benefit immediately
- June quarter results signal Havells India is off to a bright start this fiscal
- Business gains, not just cost efficiencies, to determine UPL’s Arysta acquisition success
- What ABB India’s performance in June quarter says about capex growth