Eros Media World PLC EMWP Announces Corporate Restructuring (2068D)

TIDMERO1

RNS Number : 2068D

Eros Media World PLC

19 June 2023

Eros Media World Plc Announces Corporate Restructuring

Sale of Eros Music Catalog & Eros Now OTT, New Web 3.0 & Films Studio Focus

Douglas, Isle of Man, June 19, 2023

Eros Media World PLC ("Eros Media", "Eros" or the "Company"), a global Indian media and entertainment company has announced corporate restructuring updates following its earlier decisions to deregister under the US Securities Exchange Act of 1934, which became effective on April 20, 2023, and the delisting from the New York Stock Exchange ("NYSE") . The Company has been exploring a number of potential strategies including selective sale of assets in its diversified portfolio, so that it may concentrate on its core business.

On March 22 , 2023, the Company's India subsidiary, Eros International Media Limited, announced that it has executed a binding agreement for an itemised asset sale with regards to its music assets (including all rights, title and interests related thereto) to a global music major entity .

On March 28 , 2023, the Company executed a Share Purchase Agreement by and amongst Eros Media World Plc, its wholly owned Isle of Man subsidiary, Eros Digital Limited ("EDL") and Xfinite Global Plc, to sell and transfer the 'Eros Now' OTT platform along with any incidental trademarks, including the complete content library owned by or licensed to the EDL and its subsidiaries, all contracts, licenses in relation to the business, key personnel and all other peripheral items that are required to or necessary for the conduct of the business of Eros Now to Xfinite Global PLC, subject to final closing conditions. The decision to sell Eros Now to Xfinite Global PLC took place after an extensive process overseen by a Special Independent Committee of the Board to solicit bids from potential buyers and to negotiate the best possible terms from Xfinite Global PLC. Xfinite Global PLC is controlled by members of the family that founded the Company and continue to hold a controlling interest in the Company.

The Company intends to invest in its core business of Film Studios to acquire, co-produce and distribute films, digital content, and music across multiple formats such as theatrical, television, OTT digital media streaming and plans to reveal its upcoming film slate shortly. The Company is also focused on next generation growth initiatives in the emerging Web 3.0 ecosystem which includes leveraging enhanced blockchain technology and solutions build upon decentralization of data, self-sovereign identities and token-based economics, including content libraries for diversified end use in Media & Entertainment, e-Commerce, Gaming & Metaverse ecosystems.

The Company remains committed to expedited completion of its financial statement audit for prior years and strives to be debt-free with reduction of debt across all group entities and optimised spending, to target a business turnaround in order to maximize long-term shareholder value through sustainable company operations and growth.

About Eros Media World Plc

Eros Media World Plc, ("Eros", the "Company") is a global media and entertainment company. For further information, please visit www.ErosMediaWorld.com .

Company Contact

EMWP Investor Relations, Email investors@erosintl.com

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(END) Dow Jones Newswires

June 19, 2023 11:42 ET (15:42 GMT)

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