Eros Media World Plc, the global Indian entertainment company, today released the following statement from the CEO, Pradeep Dwivedi.
Dwivedi, CEO, Eros Media World PLC, said, “After a challenging two-year period impacted by the global pandemic and a complex cross-border merger, we are diligently working on our business transformation, and we remain committed to transparency and open communication with all our stakeholders, in the spirit of building a sustainable growth trajectory.”
With the above stated objective, the company shared the following updates:
The company said, “We reaffirm that we are currently on all our debt obligations to our debt providers globally across India, the UK, and UAE, including our UK retail bonds, and will continue to focus on our financial and operational performance.”
The company‘s statement on the asset base update read, “We have one of the largest film libraries in the Indian and South Asian media and entertainment sector. The company will continue to monetize its valuable library along with premium content creation and global distribution through our studio, Eros Motion Pictures, and streaming OTT service, Eros Now. It is this unique asset base that will serve as the springboard for our future business initiatives.”
The Company is in the process of working to prepare and file the financial statements for the fiscal year ended March 31, 2021, and is working with its incoming auditor, M/s T R Chadha & Co. LLP, Chartered Accountants. As previously communicated, the NYSE has granted the company an extension until May 31, 2022, and the company expects to meet that timeline.
The Indian media and entertainment industry has recently seen increased levels of domestic and cross-border consolidation driven by global events as well as the positive secular trends in the local market. The recent strategic announcements by Sony Pictures, Zee Entertainment, Reliance Industries, Viacom, and Lupa Systems, among others, are testimony to the salience and importance of the Indian market with its substantial long-term prospects. Given the current dynamic market environment and strong market position and growth opportunities, the company will consider all options”, read the company statement on industry update.