Reliance Leisure CEO Shibasish Sarkar Launches Buyout Firm

Shibasish Sarkar, latest CEO of Reliance Leisure, is spearheading the beginning of the first particular motive acquisition company focusing on the Indian media business.

Sarkar is space as chairman, CEO and main shareholder of Global Media Acquisition Corp., a Unusual Jersey-registered company . It targets to spice up $200 million-$230 million thru an IPO on the NASDAQ trade at some stage in the subsequent 12-18 months.

In latest months SPACs, in most cases described as ‘clean take a look at companies’ bear turn out to be wildly popular vehicles for elevating speculative finance and permitting privately-owned companies and originate-u.s.a.to beget allotment listings. With out a song myth of their like, and without meaningful business operations, SPACs rely on the financial muscle of their bankers and the reputations of their founders to pull off their first strikes.

IMAC’s board of directors also involves: Sanjay Wadhwa, managing associate of AP Global Neighborhood, one of the valuable supreme Tamil-language IP house owners; gentle co-head of CAA’s world client formula department David Taghioff, who is now CEO of film funder Library Photos Global; and Greg Silverman, latest head of Stampede Ventures, and gentle-weight president of creative pattern and worldwide production at Warner Bros. Photos with credits including “The Hangover,” “The Dim Knight,” “Gravity,” “Batman Vs. Superman: Morning time Of Justice,” and “Suicide Squad.” Others are gentle Disney India executive Vishwas Joshi, who is space as IMAC’s finance director, famend U.S. businessman Paul Pelosi Jr. and Suresh Ramamurthi, chairman of CBW Bank.

As is conventional of SPACs at pre-list stage, IMAC is vague as to its boost path. The automobile says it plans to plan acquisitions in the subsequent 365 days or so with target companies in North The United States, Europe and Asia. These can bear to nonetheless bear endeavor valuations between $150 million and $500 million, operate in the media and entertainment and adjoining industries, and designate IMAC a minimal of $160 million to decide on.

A preliminary prospectus filed with the U.S. Securities & Commerce Commission involves a allotment containing recordsdata particular to the Indian entertainment business – which it describes as a mobile digital first economy, to boot to the market that sells essentially the most cinema tickets on the earth – pointing to the company having a unparalleled Indian level of interest.

A switch that sees IMAC decide out Reliance Leisure might maybe maybe perhaps be a logical conclusion of Sarkar being allowed to produce a SPAC while nonetheless gainfully employed. His regular producing associate, Los Angeles-essentially based fully Kintop Photos-owner Deepak Nayar (“Buena Vista Social Membership,” “Bend It Like Beckham,” “Bride and Prejudice”) is also named as an IMAC board member.

That can perhaps perhaps enable terrified billionaire Anil Ambani (younger brother and frequent business rival of Asia’s richest man Mukesh Ambani) to at last be shot of an operation that has yielded a handful of highlights and various distress.

Born from the remnants of the gentle Adlabs cinemas, distribution and submit-production empire, Reliance Leisure is owned by Reliance – Anil Dhirubhai Ambani Neighborhood (R-ADA), which turned financially afflicted after stretching too some distance across infrastructure and telecoms.

Reliance Leisure on the present time sprawls across video games, motion photography, animation and a tiny VoD carrier (BigFlix has 3.9 million subscribers per the company web pages). It also has stakes in Steven Spielberg’s Amblin Partners, the now defunct Global Road Leisure, Indian film production companies Phantom and Rohit Shetty Picturez, and TV producer Gigantic Synergy Media.

RE’s latest highlights encompass its participation in “The Girl on the Squawk,” “1917,” and “The Trial of the Chicago Seven.” Its gargantuan-budget “Sooryavanshi,” starring Akshay Kumar, is looking ahead to start.

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