International Media Acquisition Corp (IMAQ), the acquisition company launched last year by Indian media mogul Shivashish Sarkar, is looking to acquire Reise Entertainment and Reliance Entertainment Studios.
The deal between the two companies totals $102 million in cash and $38 million in investment, along with former Reliance Entertainment CEO Sarkar and several former colleagues he left behind when he founded Special Purpose Acquisitions Company (SPAC). We plan to meet again.
IMAQ went public on the Nasdaq last year with the backing of prominent Indian entertainment and media companies.
According to an SEC filing made earlier this month, IMAQ has entered into an agreement to acquire 100% of the combined Risee and Reliance Studios companies.
Cash will be poured into four tranches worth a total of $102 million, with an additional $38 million coming from the equity capital injection.
Sarkar will be CEO of the company resulting from this transaction, which will consist of five directors, three of whom will be appointed by IMAQ and two from the Risee and/or Reliance Studios merger.
SPACs are effectively companies that raise capital solely to acquire existing companies and are seen as an alternative to traditional IPOs.
IMAQ raised $230 million in Nasdaq’s first offering, after which Sarkar told Deadline that he wanted the business to become “India’s largest content production company.” He also hoped to occupy a “meaningful place” in the streamer.
Asked in December whether IMAQ would buy Reliance’s film and TV business, Sarkar said: It is a publicly traded company,” he added, but “all kinds of available opportunities will be considered.”
Reliance is one of India’s largest film, television and animation companies. In recent theatrical releases, vikram vedas When Codename Tyrangathe most notable TV shows include the popular Indian version of Who Wants To Be A Millionaire?, Kaun Banega Chlorepati, India’s Got Talent When Bose: Dead/AliveRisee Entertainment is a privately held company founded in Mumbai in 2018.