Entertainment

Vistas Media prepares to buy Reliance Entertainment – ​​Brand Wagon News

Singapore-based technology and media content company Vistas Media Capital (VMC) is in the final stages of acquiring Anil Ambani-owned Reliance Entertainment in a deal valued at Rs 800 crore, according to sources in the know.

But Dependence Entertainment, which last produced Amar Singh Chamkila starring Diljit Dosanjh, the second most-watched Indian film on Netflix in the June quarter after Sanjay Leela Bhansali’s Heeramandi: The Diamond Bazaar, has been looking for a buyer for some time, according to media reports. industry Sources. Calls and text messages to Reliance Entertainment group chief executive Shibasish Sarkar remained unanswered at the time of going to press. Sarkar, who is also the chairman and managing director of International Media Acquisition Corp (IMAC), a special purpose acquisition company, had in the past attempted to acquire Ambani’s Reliance Entertainment for around Rs 800 crore but failed to generate sufficient investor interest, informed sources told FE.

Reliance Entertainment was also recently in the news for its dispute with T-Series to share 50% of its earnings from Amar Singh Chamkila with the latter. T-Series had reportedly provided a loan of Rs 268 crore to Reliance Entertainment for the production of 11 films. Alleging default, T-Series had asserted its right to levy and collect on Reliance Entertainment’s films, moving the Delhi High CourtSome of the films previously produced by Reliance Entertainment include ’83, starring Ranveer Singh, Vikram Vedha, starring Hrithik Roshan and Saif Ali Khan, and Cirkus, also starring Singh. Some of their upcoming projects include Amitabh Bachchan-starring Section 84 and Singham Again, which will feature Ajay Devgn, Deepika Padukone and Tiger Shroff, among others.

Meanwhile, for VMC, the acquisition of Reliance Entertainment is expected to strengthen its India Presence in film production. The company is into production and distribution of content across platforms, gaming, animation and streaming services. Co-founded by Abhayanand Singh and Piiyush Singh, both non-resident Indians, who are the CEO and COO of the VMC group, the firm first shot to prominence in 2020, when it acquired a strategic stake in Planet Marathi, a popular OTT platform in Maharashtra, for $5 million (Rs 40 crore). The company then hired former Viacom18 COO Raj Nayak as an advisor to its board to gain deeper insights into the country’s media and entertainment industry.

In 2021, VMC acquired a majority stake in Paperboat Design Studios, a Mumbai-based animation and design company, for an undisclosed amount. In November 2023, Kitara Capital, a global investment group based in West Asia with diverse investments in India, formed a joint venture (JV) with Vistas Media’s content division in Abu Dhabi.

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‘This article may contain information published by third parties, some details of this article were extracted from the following source: www.financialexpress.com’



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