Zee signs TV syndication deal with Eros to air ‘Sarkar 3’, ‘Munna Michael’
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New Delhi: Film production and distribution firm Eros International Media Ltd on Tuesday signed a television syndication deal with Zee Entertainment Enterprises Ltd (ZEEL), which would allow Zee to air Eros’s three upcoming releases before they are syndicated to other channels.
This multi-film deal will provide Zee, which operates entertainment channels Zee TV and Zee Cinema, channel syndication rights to Ram Gopal Varma-directed political thriller Sarkar 3, Tiger Shroff-starrer Munna Michael and director R.S. Prasanna’s romantic comedy Shubh Mangal Savdhaan.
“We have enjoyed a great relationship with Zee over the years and I am delighted we have secured this deal with them. Bollywood films are critical to the television programming mix and we attempt to tailor packages to suit audiences on each network to maximize potential for both entities from the television broadcast,” said Sunil Lulla, managing director at Eros International Media Ltd, in a statement.
Much-delayed (due to post production work) Amitabh Bachchan-starrer Sarkar 3 will finally release on 12 May, while Munna Michael is set to release on 21 June. Starring actors Ayushmann Khurrana and Bhumi Pednekar, Shubh Mangal Savdhaan will be released on 1 September.
Eros’s deal comes a month after a short liquidity crisis the firm went through due to the maturity of its $85 million revolving credit facility (RCF) on 31 March. Standard and Poor’s (S&P) had lowered its long-term corporate credit rating on Eros International to “B-” from “B+” and placed it on credit watch with negative implications.
However, the firm won a last-minute reprieve from creditors by executing documentation to extend the maturity of the RCF by six months from 1 April to 30 September. The company is also in advanced stages of executing multiple long-term refinancing options to replace the RCF. “We’ve got this extension, plus we’re doing longer-term re-financing and we’ve got $115 million of cash. All our investor bases are rock-solid and they continue to stand by the company,” group chief executive officer Jyoti Deshpande had said, speaking to Mint earlier.