Reliance head honcho’s big move

Shibasish Sarkar, the group CEO of Reliance Entertainment, who is looking forward to the release of the company’s big budgets extravaganzas the Akshay Kumar starrer Sooryavanshi with Rohit Shetty and the Ranveer Singh starrer ’83 with Kabir Khan has in addition taken over as the chairperson, CEO and a leading shareholder of International Media Acquisition Corp (IMAC), a New Jersey-registered entity. Sarkar now aims to raise $200 million-$230 million through an IPO on the NASDAQ exchange in a year and a half through his Special Purposes Acquisition Company (SPAC).

Sources inform us that this is the first special purpose acquisition company targeting the Indian media industry. Aiding Sarkar in this oeuvre is one of the biggest Tamil-language IP owners Sanjay Wadhwa who is the managing partner of AP International Group; former co-head of CAA’s global client strategy department David Tagihoff and Greg Silverman current head of Stampede Ventures, and former president of creative development and worldwide production at Warner Bros. Pictures with credits including The Hangover, The Dark Knight, Gravity, Batman Vs. Superman: Dawn Of Justice, and Suicide Squad among others. Sarkar’s frequent collaborator, LA based Kintop Pictures – Big Cheese Deepak Nayar Known for films like Buena Vista Social Club, Bend It Like Beckham and Bride and Prejudice is also on the board.

“This could well mean that after completion of fund raise, IMAC could explore acquisition of Media & Entertainment ventures including very well take over of Reliance Entertainment, which apart from films is also into television shows, web shows, gaming and animation businesses.” say sources.