Reliance Entertainment Studios and Risee Entertainment to be acquired by Spac International Media Acquisition | Techno Glob

Shibasish Sarkar’s New Jersey-registered special purpose acquisition company (Spac), International Media Acquisition Corp. (IMAC), of which he is president and CEO, acquires the 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, divided in four slices.

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 India’s media industry, raised over 200 million through an IPO on the Nasdaq in 2021. It has also attracted a galaxy of Indian entertainment industry heavyweights as backers of funds.

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