Movies
PVR gets shareholders approval for Inox merger
Mumbai: Multiplex operator PVR has received shareholders’ approval for its proposed merger with Inox Leisure. 99.9986 per cent voted in favour of the merger. It was defeated by a margin of 0.0014 per cent.
Inox, in a filing, said that a meeting with equity shareholders took place. The company sought approval for the proposed merger. The results of the vote are expected to be announced in the coming days.
The Inox said, “A meeting of the equity shareholders of the company was held on 12 October 2022 at 12 p.m. through video conferencing (VC)/other audio visual means (OA VM) as per the directions issued by the National Company Law Tribunal, Mumbai Bench, vide its order dated 22 August, 2022 and in compliance with the applicable provisions of the Companies Act, 2013 read with rules made thereunder, circular(s) issued by the ministry of corporate affairs and the Securities and Exchange Board of India, for transacting the business mentioned in the notice dated 10 September 2022 convening the said meeting (NCLT Convened Meeting). “
In March, the two companies announced plans for a merger. Inox had said the merger would bring together two of India’s best cinema brands to deliver an unparalleled consumer experience with a network of more than 1,500 screens.
Following the merger, Inox promoters will join the existing PVR promoters as co-promoters of the merged entity. According to the regulatory filing on 27, once the scheme is implemented, the board of directors of the merged company will be reconstituted with a total board strength of 10 members and equal representation on the board for both promoter families with two board seats each.
The company will be called PVR Inox, with the branding of existing screens to continue as PVR and Inox, respectively. Ajay Bijli will be the managing director and Sanjeev Kumar Bijli will be the executive director. Pavan Kumar Jain will be the non-executive chairman of the board.
Shareholders of Inox will get PVR shares in a pre-approved “swap” ratio of 3:10. Three equity shares of PVR can be swapped for 10 of Inox. Inox will have a 16.66 per cent stake and PVR will have a 10.62 per cent stake in PVR Inox.
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.
