Shibasish Sarkar’s IMAQ acquires Reliance Studios and Risee Entertainment – Deadline

International Media Acquisition Corp, a special purpose acquisition company set up last year by Indian media tycoons Shibash Sakaris acquiring Risee Entertainment and Reliance Entertainment Studio.

The deal between the two companies will total $102 million in cash and $38 million in investment and will see former Reliance Entertainment CEO Sarkar join him in building SPAC. Amark Listed on Nasdaq last year, it is backed by several prominent Indian entertainment personalities and media companies.

According to filings with the U.S. Securities and Exchange Commission earlier this month, IMAQ has reached an agreement to acquire 100 percent of the combined Risee and Reliance Studios company. Cash will flow in in four tranches with a total value of $102 million, with an additional $38 million from equity capital injections.

Sarkar will become CEO of the post-transaction company, with a board of five directors: three nominated by IMAQ and two from the combined Risee and/or Reliance Studios.

A SPAC is actually a company that raises money just to acquire an existing company and is seen as an alternative to a traditional IPO.

IMAQ raises $230 million in Nasdaq debut, followed by Sarkar tell deadline He wants the company to become “India’s largest content creation company” with a foray into film and television production, animation and exhibitions. He also hopes to take a “meaningful position” in the anchor.

When asked in December if IMAQ would buy Reliance’s film and television business, Sarkar replied: “It’s not fair to comment. It’s a public company,” but added: “The various opportunities available will be explored.”

Reliance is one of the largest film, television and animation companies in India.Recent theatrical releases include Vikram Veda and Codename Tirangawhile the most famous TV shows include the popular Indian version Who wants to be a millionaire?, Cowan Banega Crorepathy, India’s Got Talent and Bose: Dead/Alive. Risee Entertainment is a privately held company established in Mumbai in 2018.