Why Shares of Eros International Are Soaring Today
Shares of Indian film producer and distributor Eros International (NYSE: EROS) surged on Monday following a report that the company was in early talks with Apple, Amazon, and Netflix to sell its film and music library. Eros stock was up 24% at 11:30 a.m. EDT.
Reuters is reporting that Eros is in discussions to sell its extensive content library, comprised of music and more than 3,000 Indian films. A deal could be worth roughly $1 billion, about twice Eros' market capitalization prior to today's news. Shares of Eros had tumbled nearly 80% since peaking in mid-2015 through market close on Friday, with the latest drop in late July due to a weak earnings report driven by delayed film releases.
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Source: Fool.com
