Movies
Eros shareholders give go-ahead to resolutions
MUMBAI — Eros International Media Ltd has secured shareholder approval for all resolutions presented at its recent e-voting session, the company announced on 2 March in a regulatory filing with the BSE.
Shareholders passed an ordinary resolution to reappoint Pradeep Dwivedi to the board. Pradeep who retired by rotation as per statutory requirements, was eligible for reappointment and will continue in his role.
A special resolution was also approved granting a waiver for excess remuneration paid or payable to Sunil Lulla, executive vice chairman & managing director, for the 2023-2024 financial year. This resolution was required to regularise compensation that exceeded standard limits under company guidelines.
Additionally, shareholders passed a special resolution approving the company’s name change from Eros International Media Limited to Eros Media International Limited. The rebranding represents a minor adjustment to the company’s official title while maintaining its core brand identity.
The shareholders also gave the go-ahead to the financials declared by the company for the year ended 31 March 2024.
All resolutions received the requisite majority vote, demonstrating shareholder confidence in the company’s governance decisions. The name change is expected to be implemented following completion of necessary regulatory procedures.
Hollywood
Trump invested over $1.1m in Netflix bonds at the peak of Warner Bros bidding battle
Financial disclosures show U.S. president also bought Warner Bros Discovery debt during high-stakes media takeover race.
WASHINGTON: New government financial disclosures show that U.S. president Donald Trump purchased more than $1.1 million worth of bonds issued by Netflix over the past three months. The transactions occurred during a period when Netflix was engaged in a competitive bidding war for Warner Bros. Discovery, a potential merger that the Trump administration had publicly criticised on antitrust grounds.
Between December and January, the president acquired Netflix bonds valued between $1.1 million and $2.25 million. The bonds carry a 5.375 per cent interest rate and are scheduled to mature in November 2029. Financial disclosures also revealed an additional investment in Warner Bros Discovery bonds. The purchase was valued between $500,002 and $1 million, with the debt reportedly bought at roughly 92 cents on the dollar. The bonds are now trading at around 95 cents on the dollar, leaving the position currently in profit.
The timing of the investments has drawn scrutiny because the administration had been openly critical of Netflix’s market activities at the time. While the president’s trust was purchasing the debt, the administration reportedly pressured Netflix to remove board member Susan Rice and expressed concerns that a Netflix–Warner merger could harm competition.
The White House has dismissed conflict-of-interest concerns, stating that the president’s assets are managed independently by his children. Spokesperson Anna Kelly said U.S. presidents are legally exempt from the conflict-of-interest laws that apply to other federal officials.
Despite the financial interest, Netflix ultimately lost the race to acquire Warner Bros Discovery. Paramount Skydance secured the deal on 27 February with a $110 billion offer. The acquisition was backed by Larry Ellison, who guaranteed $40 billion to support the bid, while major lenders including Bank of America, Citigroup and Apollo Global Management provided $39 billion in financing.
The final acquisition leaves the combined Paramount entity carrying roughly $85 billion in debt, while Netflix withdrew its bid roughly two weeks before the official disclosure report was released.
