Eros Media World's Business Update

Eros Media World's CEO, Pradeep Dwivedi, in a recent company statement 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 that objective, we want to share the following updates:

Debt Service Update

We reaffirm that we are current on all our debt obligations to our debt providers globally across India, the UK and UAE, including our UK retail bonds, and continue to focus on our financial and operational performance.

Asset Base Update

We have one of the largest film libraries in the Indian and South Asian media and entertainment sectors. The Company will continue to 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.

Audit Update

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.

Industry Update

The Indian Media and Entertainment industry has recently seen increased levels of domestic and cross-border consolidation driven by global events and as well as the positive secular trends of the local market. The recent strategic announcements by Sony Pictures, Zee Entertainment, Reliance Industries, Viacom, 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.”