Star-struck

7 August 2017 By Una Galani Follow @ugalani

The U.S. tech giant is eyeing top producer Eros’ library of Indian films and music. The mooted price tag of $1 bln for over 10,000 titles far exceeds the seller’s market value. Inflated prices reflect the rush to secure content in a market where consumers are willing to pay.

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Eros Group, India’s largest movie producer, is in preliminary talks with Apple and other distributors to sell its entire library of films and music, Reuters reported on Aug. 7, citing a source familiar with the matter.

Amazon and Netflix are also in very early-stage talks with Eros, Reuters added citing the source. Earlier in the day, India’s Economic Times reported that the deal could be worth around $1 billion and may also include Eros Now, the company’s digital content portal.

Eros Now is owned by New York-listed Eros International Plc, which has a market value of $497 million. That company is also the parent of Mumbai-listed Eros International Media, which has a market value of $311 million.

Shares of Mumbai-listed Eros were up around 5 percent at 220.6 rupees by 1535 local time.

Context News

Shares of Mumbai-listed Eros were up around 5 percent at 220.6 rupees by 1535 local time.

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