By Hindustan Times
New Delhi, Apr 24 (PTI) Eros International Media today said it is going to acquire remaining 76 per cent stake in B4U Television Network for a complete consideration of USD 53.1 million (over Rs. 275 crore). "Eros International Media Ltd...advises that its parent company Eros International Plc
anticipates getting into a definitive agreement on or after April, 2012, to obtain control of B4U Television Network," Eros International Media said in a filing to the BSE.
The company will acquire about 76% cent of B4U for a "cash and share consideration of $53.1 million", it added.
Eros currently holds about 24% stake in B4U, but doesn't have significant influence over the company.
Commenting at the development, Eros International Plc Chairman and CEO Kishore Lulla said: "WE'RE delighted to announce our anticipated acquisition of the remainder 76% of B4U. We think that B4U's global network in addition to its film and music content will complement Eros' existing product offering."
B4U comes in over 100 countries, including India, the UK, the U.S. and Canada. It distributes Bollywood content through B4U Movies and B4U Music.
Shares of Eros International Media today closed 1.16% up at Rs. 191.45 apiece at the BSE.
