Film Production
RIL to buy 5% in Eros; cos to set up $150 mn content fund
MUMBAI: Continuing its media march, which is also an indication of further disruptions in the Indian and global entertainment industry, the USD 51 billion Reliance Industries Ltd (RIL) is all set to acquire 5 per cent equity stake in NYSE-listed Eros International Plc (Eros) and jointly set up a $150 million (Rs 1,000 crore) fund to co-produce and consolidate content from India.
In the transaction, which is subject to regulatory and other approvals, RIL, through a subsidiary, is looking to pick up the minority stake at a price of $15 per share, representing an 18 per cent premium to the last closing price of the stock. Eros stock quoted at $13.30 on the NYSE at local US time of 16:01:15 on 20 February 2018, having opened at $13.25. RIL closed Tuesday at Rs 919.40 on the Bombay Stock Exchange.
RIL and Eros International Media Ltd (Eros India) will equally invest in the fund to produce and acquire Indian films and digital originals across all languages, according to a joint statement put out late on Tuesday evening.
RIL’s investment will also result in some management changes in both the companies. Eros’ group CEO and MD Jyoti Deshpande will be stepping down from her executive role after over 17 years and move on to head the media and entertainment (M&E) business at RIL as the president of the chairman’s office.
Deshpande will start her role at RIL from April 2018 but will continue to remain as a non-executive director on the board of Eros, while Kishore Lulla will resume his position as group chairman and CEO of Eros, the statement added.
In her new role at RIL, Deshpande will lead the company’s initiatives in M&E to organically build and grow businesses around the content ecosystem, such as broadcasting, films, sports, music, digital, gaming, animation as well as integrate Reliance’s existing media investments such as Viacom18 and Balaji Telefilms with a view to build, scale and consolidate the fragmented $20 billion Indian M&E sector.
RIL chairman and MD Mukesh Ambani said, “We are pleased to join hands with Eros, as it will bring further synergies into our plans, making for a win-win partnership. We are delighted to welcome Ms Jyoti Deshpande into the Reliance family and believe that she will not only give wings to our plans but also play a pivotal role in transforming the sector.”
Lulla elaborated, “I am very pleased that Eros is partnering with RIL in its entertainment journey with several synergies across technology, content and digital with Eros Now. We look forward to collaborating and growing as we continue to make new strides on the digital and content forefronts. I am confident that together, we can make a meaningful difference. Jyoti Deshpande has been an invaluable part of the incredible Eros growth journey and I am confident that she will make a positive impact on the industry in her new role at RIL.”
Eros International Plc (NYSE: EROS) is a leading global company in the Indian film entertainment industry that acquires, co-produces and distributes Indian films across all available formats such as cinema, television and digital new media. Eros International Plc became the first Indian media company to list on the NYSE and also runs a fledgling OTT service under Eros Now brand.
“I am delighted that RIL has strategically aligned with Eros. My new assignment at RIL will allow me to push boundaries, set new standards of excellence, assemble a world-class young leadership team and adopt a collaborative approach to architect and execute this ambition…but more than anything, I cannot wait to roll up my sleeves,” said Deshpande while commenting on the proposed partnership.
The Eros and earlier Balaji investments by RIL indicate that Ambani may be investing small in content and distribution companies, but taking big steps towards building an integrated media and entertainment behemoth, an industry observer opined, adding that with the financial muscle that the Ambanis have, the Indian media sector should brace itself for some more disruptions after the Reliance Jio show.
In the TMT sector, RIL already has investments in media companies like Viacom18 (majority stake), TV18/Network18, telecom company Reliance Jio and a host of other media properties, including magazines and digital ventures.
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Film Production
Arka Mediaworks onboards 88 Pictures as animation studio partner on ‘The Eternal War – Part 1’
Arka Mediaworks announces that 88 Pictures, the acclaimed animation and visual storytelling studio known for its cutting-edge CGI and cinematic artistry, is on board as the animation partner for the highly anticipated Baahubali: The Eternal War, a groundbreaking two-part 3D animated feature film set in the globally beloved Baahubali universe.
Baahubali: The Eternal War represents a bold new chapter in the Baahubali saga envisioned for national and international audiences and crafted with the ambition of delivering one of India’s most ambitious and globally benchmarked animation projects to date.
88 Pictures will execute the animation production, bringing to life the film’s richly detailed worlds, epic battle sequences, and larger-than-life characters with its signature blend of artistic vision, performance-driven animation, and advanced production pipelines. Working closely with the film’s creative leadership and technical partners, the studio aims to set new benchmarks in animation quality, cinematic storytelling, and global scalability.
This animated epic follows the successful re-release of Baahubali: The Epic (the combined theatrical version of the original live-action films) on 31 October 2025 across India and the USA. During the film’s interval, legendary creator and director S.S. Rajamouli (Baahubali 1 & 2, RRR) stunned audiences with a surprise teaser for The Eternal War – Part 1. The video immediately went viral, garnering widespread national and international acclaim across LinkedIn, Instagram, and YouTube for its ambitious visual style and scale.
Produced by Arka Mediaworks and led by co-founder and CEO Shobu Yarlagadda – producer of the iconic Baahubali duology, The Eternal War brings together fantastic storytelling and cutting-edge animation.. The film is directed and written by acclaimed animation filmmaker Ishan Shukla (Schirkoa: In Lies We Trust, Star Wars: Visions – “The Bandits of Golak”) and screenplay by Scott Mosier (The Grinch). Mihira Visual Labs, the studio co-founded by Yarlagadda anchors the film’s animation, visual development, and execution.
The partnership with 88 Pictures brings significant pedigree to the project; the studio is well-regarded for its work on high-profile international titles including DreamWorks’ series Trollhunters, the HBO Max original series Gremlins: Secrets of the Mogwai, Disney’s animated short An Almost Christmas Story to name a few.
Yarlagadda shared, “We are happy to onboard 88 Pictures as the animation studio partner for our prestigious and most expensive animated film from India. We believe that their expertise and capabilities will allow us to produce a first-of-its-kind, world-class animated feature film from India.”
88 Pictures founder & CEO Milind D. Shinde said, “Baahubali changed the way cinema is perceived and became a defining milestone that turned the tide for Indian live-action filmmaking. Expanding the franchise into an entirely new universe—at a never-seen, never-done scale—through an animated feature created in India for a global audience is set to redefine how the world views Indian animation. We are truly thrilled to be part of this landmark project and to bring it to life under the visionary direction of Ishan Shukla, guided by the experience and leadership of acclaimed producer Shobu Yarlagadda.”
Shukla expressed, “Eternal War requires a level of visual and emotional precision that can only come from teams who truly understand both craft and intent. Working with 88 Pictures, alongside Mihira Visual Labs, has been a deeply collaborative experience. This association brings together technical excellence and creative sensitivity, enabling us to translate an ambitious vision into a compelling cinematic reality.”
Baahubali: The Eternal War – Part 1 is scheduled for release in 2027
