While in the past we have licensed television rights either directly to third parties or through the Eros International Group, we will with effect from October 1, 2009, retain all television rights for exploitation within India, Nepal and Bhutan.

Television licensing is mainly broken down into satellite television licensing, cable television licensing, terrestrial television licensing and, more recently, DTH licensing.

Satellite television broadcasting rights licensing involves us licensing Indian film content (usually a combination of new releases and films in the Eros India Library) for a number of years pursuant to agreements that, generally, allow a certain number of telecasts of a film over a stated period of time in exchange for a specified licence fee. We have, directly or indirectly, created licences for major television channels such as Sony, Star, Zee and Colors. There are several models for satellite television syndication. In the 'syndication model', a group of channels share the broadcast of a specified set of films between them in a certain order and pay us separate licence fees. In the alternative 'licensing model', we create a straightforward exclusive licence in favour of one particular channel for broadcast on its channels for a specified period of time. We operate a flexible policy of syndication or licensing depending on our portfolio, market appetite for our Hindi film content and also on whether we are seeking a pre-sale or the exploitation of a film after its release. Our strategy is to maximise the revenue potential of a film through a combination of such deals.

Cable television licensing is developing as a revenue stream as more cable operators are connecting to digital technology and are willing to license our Indian film content.

We also sub-license Indian film content for broadcast on Doordarshan, which is a terrestrial television license.

DTH (Direct-to-Home) licensing is a recent development. We have licensed recent films such as Aa Dekhen Zara as well as films such as Heroes, Billu and Om Shanti Om for exploitation on DTH by many of the major direct to home operators in India such as Dish TV India Limited, Tata Sky, Reliance Big TV Limited and Bharti Telemedia Limited, which provides a revenue stream in addition to the films being broadcast on satellite TV channels.

Television licensing and syndication enables us to maximise our revenues from films in the Eros India Library.