iWorld
Eros International acquires highly anticipated Telugu film Savyasachi
MUMBAI: Eros International Media Ltd, a leading global company in the Indian film entertainment industry, in association with Mythri Movie Makers will release the much awaited, mystical thriller ‘Savyasachi’ on November 2, 2018.
Co-produced by Naveen Yerneni, Ravi Shankar Yalamanchili & Mohan Cherukuri under the banner Mythri Movie Makers, the supernatural thriller is directed by Chandoo Mondeti. The highly anticipated pre-Diwali release features an ensemble star cast of Naga Chaitanya Akkineni, R Madhavan, Bhumika Chawla and Nidhhi Agerwal who makes her Telugu debut with this film. Veteran music composer M. M. Keeravani has composed the music in the film.
The trailer of Savyasachi has gathered phenomenal traction with 4.4 million views on the internet in less than a week. The film focuses on the story of a young man who suffers from the Vanishing Twin Syndrome, a rare phenomenon where a twin pregnancy is detected at an early stage, but only one baby is eventually born, leading to twins sharing the same body.
Speaking on the announcement, Sunil Lulla, Managing Director, Eros International Media Ltd said, “We are excited to collaborate with Mythri Movie Makers and come on board this one-of-a-kind film with a unique story that promises to be a mass entertainer. Savyasachi is filled with enthralling twists backed by an acclaimed star cast and makes for a perfect Diwali release. We recognize the great content emerging from south Indian cinema and our association with Savyasachi reiterates our focus on our regional expansion plans.”
iWorld
Bill Ackman’s Pershing Square makes $64 billion bid to acquire Universal Music Group
Ackman pitches NYSE relisting plan as UMG board weighs unsolicited offer
The hedge fund has proposed a business combination that values UMG at €30.40 per share, representing a hefty 78 per cent premium to its current trading price. The offer includes €9.4 billion in cash alongside stock in a newly formed entity, with shareholders set to receive €5.05 per share in cash and 0.77 shares in the new company for each UMG share they hold.
Under the proposal, UMG would merge with Pershing Square SPARC Holdings Ltd and re-emerge as a Nevada-based entity listed on the New York Stock Exchange. The move is designed to boost investor visibility and potentially secure inclusion in major indices such as the S&P 500.
Pershing Square Capital Management ceo Bill Ackman argued that while UMG’s operational performance remains strong, its market valuation has lagged due to external factors. “UMG’s stock price has languished due to a combination of issues that are unrelated to the performance of its music business,” Ackman said, pointing to concerns ranging from shareholder overhang to delayed US listing plans.
Ackman also flagged what he sees as untapped potential in UMG’s balance sheet and a lack of clear capital allocation strategy. He added that the market has not fully recognised the value of UMG’s €2.7 billion stake in Spotify, alongside gaps in investor communication.
The proposed transaction would also result in the cancellation of around 17 per cent of UMG’s outstanding shares, while maintaining its investment-grade balance sheet. Pershing Square has said it will fully backstop the equity financing, with debt commitments secured at signing. The deal is targeted for completion by the end of the year.
UMG, however, has struck a measured tone. The company confirmed that its board has received the non-binding proposal and will review it with advisers. It reiterated confidence in its current strategy and leadership under Lucian Grainge, signalling no immediate shift in stance.
The proposal comes at a time when global music companies are navigating evolving investor expectations, streaming economics and capital allocation pressures. For Pershing Square, the bet is clear: sharpen the financial story, relist in the US, and let the music play louder in the markets.
Whether UMG’s board is ready to change the tune remains to be seen, but the spotlight on its valuation just got a lot brighter.
