Shibasish Sarkar, present CEO of Reliance Entertainment, is spearheading the launch of the primary particular goal acquisition firm focusing on the Indian media trade.
Sarkar is ready as chairman, CEO and main shareholder of Worldwide Media Acquisition Corp., a New Jersey-registered firm . It goals to lift $200 million-$230 million by an IPO on the NASDAQ alternate inside the subsequent 12-18 months.
In current months SPACs, usually described as ‘clean test corporations’ have grow to be wildly in style automobiles for elevating speculative finance and permitting privately-owned corporations and start-ups to acquire share listings. And not using a monitor document of their very own, and with out significant enterprise operations, SPACs depend on the monetary muscle of their bankers and the reputations of their founders to tug off their first strikes.
IMAC’s board of administrators additionally contains: Sanjay Wadhwa, managing companion of AP Worldwide Group, one of many greatest Tamil-language IP house owners; former WME agent David Taghioff, who now heads worldwide movie funder Library Footage; and Greg Silverman, present head of Stampede Ventures, and former president of inventive growth and worldwide manufacturing at Warner Bros. Footage with credit together with “The Hangover,” “The Darkish Knight,” “Gravity,” “Batman Vs. Superman: Daybreak Of Justice,” and “Suicide Squad.” Others are former Disney India government Vishwas Joshi, who is ready as IMAC’s finance director, famous U.S. businessman Paul Pelosi Jr. and Suresh Ramamurthi, chairman of CBW Financial institution.
As is typical of SPACs at pre-listing stage, IMAC is imprecise as to its development path. The car says it plans to make acquisitions within the subsequent yr or so with goal corporations in North America, Europe and Asia. These ought to have enterprise valuations between $150 million and $500 million, function within the media and leisure and adjoining industries, and value IMAC a minimal of $160 million to purchase.
A preliminary prospectus filed with the U.S. Securities & Change Fee features a part containing info particular to the Indian leisure trade – which it describes as a cell digital first financial system, in addition to the market that sells essentially the most cinema tickets on the planet – pointing to the corporate having a robust Indian focus.
A transfer that sees IMAC purchase out Reliance Entertainment could be a logical conclusion of Sarkar being allowed to create a SPAC whereas nonetheless gainfully employed. His common producing companion, Los Angeles-based Kintop Footage-owner Deepak Nayar (“Buena Vista Social Membership,” “Bend It Like Beckham,” “Bride and Prejudice”) can be named as an IMAC board member.
That may permit troubled billionaire Anil Ambani (youthful brother and frequent enterprise rival of Asia’s richest man Mukesh Ambani) to lastly be shot of an operation that has yielded a handful of highlights and loads of ache.
Born from the remnants of the previous Adlabs cinemas, distribution and post-production empire, Reliance Entertainment is owned by Reliance – Anil Dhirubhai Ambani Group (R-ADA), which grew to become financially stricken after stretching too far throughout infrastructure and telecoms.
Reliance Entertainment in the present day sprawls throughout video games, motion pictures, animation and a small VoD service (BigFlix has 3.9 million subscribers in line with the corporate web site). It additionally has stakes in Steven Spielberg’s Amblin Companions, the now defunct World Highway Entertainment, Indian movie manufacturing corporations Phantom and Rohit Shetty Picturez, and TV producer Large Synergy Media.
RE’s current highlights embrace its participation in “The Woman on the Practice,” “1917,” and “The Trial of the Chicago Seven.” Its big-budget “Sooryavanshi,” starring Akshay Kumar, is awaiting launch.