Eros International Plc has announced its intention to take control of B4U Television Network, by acquiring the remaining 76 per cent stake. It currently owns around 24 per cent stake in the television network.
In a filing at the London Stock Exchange on Tuesday, the company said, “Eros will acquire approximately the 76 per cent that it does not currently own for cash and share consideration of $53.1 million.”
The network distributes Bollywood movies through its channels B4U Music and B4U Movies in more than 100 countries including India, the UK and the US, among others.
“We expect that B4U's global network, as well as its film and music content, will complement Eros' existing product offering,” said Mr Kishore Lulla, Chairman and Chief Executive Officer Eros International Plc, in the statement. The company said the pending acquisition is subject to regulatory approvals and other conditions.