Eros Media World

Eros Media World plc

Company type	Public
Industry	Media, Entertainment
Founded	1977
Founder	Arjan Lulla, Kishore Lulla
Headquarters	India
Key people	Rishika Lulla Singh (Executive Chairperson), Pradeep Dwivedi (CEO)
Products	Films, Television programs, Digital media content, OTT platform (Eros Now), Music (Eros Music)

Eros Media World plc (previously known as ErosSTX Global Corporation) is an Indian media company focused on the acquisition, production, and distribution of films, television programs, and digital media content. Operating on a global scale, the company is headed by executive chairperson Rishika Lulla Singh.

History

Established in 1977 by Arjan Lulla and Kishore Lulla, Eros International plc began as a company dedicated to the production and distribution of Indian films and television. In 2012, it introduced the ErosNow OTT platform, which by 2020 had amassed 36.2 million paying subscribers and boasted the largest collection of Indian entertainment content worldwide. Eros International plc was the pioneer Indian media firm to be listed on the Alternative Investment Market (AIM) of the London Stock Exchange; it later delisted in November 2013 to pursue a listing on the New York Stock Exchange. In April 2020, Eros merged with STX Entertainment through an all-stock transaction, creating ErosSTX Global. Approximately sixteen months later, negotiations commenced for divesting the STX segment.

On December 7, 2021, Najafi Companies, led by Jahm Najafi, agreed to purchase STX Entertainment from ErosSTX for $173 million. Although Lionsgate showed interest in acquiring STX, their bid was declined in March 2022, leaving Najafi as the exclusive buyer. The transaction finalized in April 2022, resulting in STX’s separation from ErosSTX and its return to independent studio status.

Subsequent to this sale, ErosSTX underwent rebranding to become Eros Media World plc, accompanied by leadership restructuring and debt reduction efforts. The company retained a 15% ownership stake in STX. Rishika Lulla Singh assumed the role of executive chairman; Pradeep Dwivedi was appointed CEO; and Rajesh Chalke took on the CFO position. The organization shifted its focus back to its content library and film studio operations under Eros International, alongside platforms like Eros Now and Eros Music.

Eros failed to submit its Form 20-F annual report for the fiscal year ending March 31, 2021, as well as Form 6-K semi-annual report for September 30, 2021, to the U.S. Securities and Exchange Commission by the August 17, 2022 deadline. As a result, NYSE Regulation delisted Eros shares and halted trading activity; the company opted not to contest this ruling in January 2023.

In 2014, Eros issued a £50 million bond in London maturing in April 2023. By March 2023, it proposed repurchasing up to half of these bonds at 60 pence per pound with repayment postponed until 2026. Due to limited acceptance among bondholders, Eros proceeded to buy only £2 million worth of bonds while deferring repayment until March 2024. This development caused bond prices to decline sharply.

In June 2023, India's Securities and Exchange Board of India (SEBI) imposed restrictions barring Eros International Media and CEO Pradeep Kumar Dwivedi from participating in securities markets amid allegations of improper trade practices. The following month, Bank of India filed a legal claim against Eros’s UK subsidiary at London Commercial Court, triggering insolvency proceedings for its UK operations. Concurrently, ErosNow encountered sporadic service interruptions impacting its digital platform’s stability.

Management

The executive chairperson of Eros Media World is Rishika Lulla Singh, with Pradeep Dwivedi serving as CEO. The CFO position held by Rajesh Chalke became vacant following his resignation in November 2023 and has remained unfilled as of November 2024.

The board comprises Kishore Lulla, Rishika Singh, Dhirendra Swarup, and Dilip Thakkar.

Division	Country	Founded	Description
Eros Now	India	2012	Subscription-based Indian over-the-top video streaming service

Subsidiary	Country	Founded	Description
Eros International	India	1977	Company engaged in Indian film production and distribution

Content Controversy Surrounding Navratri on Social Media

In October 2020, Eros Now and Arre encountered criticism for sharing material considered offensive in relation to the Hindu festival Navratri. Following the public disapproval, the posts were promptly removed.

Non-Disclosure of Related-Party Transactions

Hindenburg Research, a short-selling firm, highlighted undisclosed related-party dealings that seemed to mask receivables and advantage members of the Lulla family. An investigation by SEBI revealed a notable increase in related-party revenues, trade receivables, and loans during the 2019-20 financial year, indicating potential financial misconduct or diversion of funds.

As a result, SEBI prohibited Eros Worldwide and Eros Digital—both stakeholders in Eros International Media—from participating in securities trading. Additionally, a forensic audit was mandated for three companies listed on the BSE—Thinkink Picturez, Mediaone Global Entertainment, and Spicy Entertainment & Media—suspected of being used as channels for misrepresentation and fund diversion by Eros.