Popular Indian movie production house Eros is currently contemplating selling its entire content library of films and music. The production house is currently engrossed in preliminary talks with Apple and other major content distributors for the same, according to a report in Reuters.
The report also revealed that apart from Apple, other parties that are in the race to nab Eros’ film and music library are Amazon and Netflix. The Reuters source revealed that the discussions are private and in very early stages.
The deal is being pegged at a whopping $1 billion, according to a report in the Economic Times. Mumbai-based JM Financial, which is one of India’s prominent financial services groups, specialising in providing a spectrum of businesses to corporations, financial institutions, high net-worth individuals and retail investors, is reportedly advising Eros on the deal.
While Eros Group and Netflix haven’t released any official statement on the matter, Apple said it company’s policy doesn’t allow it to comment on speculations in the market. Amazon also aired the same views and said, “the company does not comment on rumour and speculation”.
The flourishing Indian content streaming market has caught the attention of global players in the segment like Amazon and Netflix. Recent years have seen both the players working hard to garner the attention of Indian users by adding Hindi and Bollywood offerings to their content offerings.
According to the ET report, the deal is most likely to include Eros’ digital over-the-top (OTT) platform, Eros Now, which is informally considered as the Netflix of Bollywood. For the uninitiated, with OTT platforms, subscribers get an opportunity to view films and TV content via the internet, without having to go through the trouble of signing up with a traditional cable or satellite-TV service provider.
India-listed Eros International Media shares rose as much as 9 per cent in early trading on the NSE to their highest since July 31, 2017. The stock was up 5 per cent at rupees 220.85 at 0600 GMT.