Eros International Media jumps after acquisition of Zee TV shows' world wide rights

Eros International Media rose 4.36% to Rs 237.10 at 9:19 IST on BSE after the company said its on-demand entertainment portal Eros Now has acquired world wide rights of Zee TV shows.

The announcement was made after market hours on Tuesday, 19 August 2014.

Shares of Zee Entertainment Enterprises were up 1.43% at Rs 286.70.

Meanwhile, the S&P BSE Sensex was up 26.68 points or 0.1% at 26,447.35.

On BSE, so far 12,000 shares of Eros International Media (Eros) exchanged hands in the counter as against average daily volume of 39,000 shares in the past two weeks.

The stock hit a high of Rs 239.60 and a low of Rs 234 so far during the day.

Eros said that the partnership with Zee Entertainment Enterprises (Zee) would allow Eros Now to showcase Zee's television content ranging from serials and soaps to reality shows.

Commenting on the development, Eros Now CEO R L Singh said: "Partnership with a leading television player like Zee for compelling content is a natural step to providing the very best of Indian entertainment to our consumers worldwide. We are very excited to bring these shows to the platform and are confident this content will be enjoyed worldwide."

Zee Entertainment Enterprises MD & CEO Punit Goenka said: "It is a logical extension for us to make our popular programme available on leading online provider. By partenering with Eros Now, we hope to capture viewer from around the world with the best shows from Zee's library."

Zee Entertainment Enterprises is one of India's leading television, media and entertainment companies.

Established in 2012, Eros Now is a video on demand portal of the group. It has Eros film library along with third party content.

Eros International Media's consolidated net profit rose 22.2% to Rs 35.85 crore on 29.6% growth in net sales to Rs 241.49 crore in Q1 June 2014 over Q1 June 2013.

Eros International Media is a global player within the Indian media and entertainment arena. It operates on a vertically integrated studio model controlling content as well as distribution & exploitation across multiple formats globally, including cinema, digital, home entertainment and television syndication.

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