LONDON, UK: Eros Media World, a global Indian media and entertainment company, has announced a series of corporate restructuring updates following its delisting from the New York Stock Exchange in April 2023.
The company has sold its music assets to a global music major entity and its OTT platform Eros Now to Xfinite Global PLC, a company controlled by the founding family of Eros Media. The sale of Eros Now was overseen by a special independent committee of the board to ensure the best possible terms for the shareholders.
Eros Media intends to invest in its core business of film studios, which will acquire, co-produce and distribute films, digital content and music across various formats. The company also plans to reveal its upcoming film slate shortly.
Additionally, Eros Media is focused on next generation growth initiatives in the emerging Web 3.0 ecosystem, which includes leveraging enhanced blockchain technology and solutions for diversified end use in media and entertainment, e-commerce, gaming and metaverse ecosystems.
The company aims to be debt-free with reduced debt across all group entities and optimised spending. It also remains committed to completing its financial statement audit for prior years and targeting a business turnaround to maximise long-term shareholder value.