Reliance Entertainment Studios acquired by SPAC International Media | Techno Glob

International Media Acquisition Corp. (IMAC), of which he is chairman and CEO, is in the process of acquiring Indian studios Reliance Entertainment and Risee Entertainment.

A filing with the United States Securities & Exchange Commission (SEC) on October 22 reveals that the agreement for the two companies is in the form of a total of $ 102 million in cash and $ 38 million in investment, spread over four tranches.

Sarkar was previously CEO of Reliance Entertainment, which recently backed “Vikram Vedha,” starring Hrithik Roshan and Saif Ali Khan, and “Goodbye,” starring Amitabh Bachchan and Rashmika Mandanna, both of which underperformed at the box office. Upcoming for Reliance Entertainment, “Cirkus,” featuring Ranveer Singh.

IMAC, created to target the Indian media industry, raised over $200 million through an IPO on the NASDAQ stock exchange in 2021. It has also attracted a galaxy of Indian entertainment industry heavyweights in as funders.

IMAC’s management team also includes Executive Director Sanjay Wadhwa, Managing Partner of AP International Group, one of the largest owners of Tamil-language intellectual property and former Chief Financial Officer of Disney India Vishwas Joshi as Director financial. Among the independent directors are former co-head of CAA’s global client strategy department, David Taghioff, who is now CEO of film lender Library Pictures International; and producer Deepak Nayar (“Greenland”).

SPACs, often described as “blank check companies,” have become popular vehicles for raising hedge funds and enabling private companies and start-ups to obtain stock listings. Without a track record of their own and without significant commercial operations, SPACs rely on the financial power of their bankers and the reputation of their founders to succeed in their first steps.

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