Home Entertainment company Ajay Devgn and Mani Ratnam among Indian cinema heavyweights backing the buyout company of Reliance Entertainment CEO Shibasish Sarkar (EXCLUSIVE)

Ajay Devgn and Mani Ratnam among Indian cinema heavyweights backing the buyout company of Reliance Entertainment CEO Shibasish Sarkar (EXCLUSIVE)

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A galaxy of heavyweights in the Indian entertainment industry would support Reliance Entertainment Group CEO Shibasish SarkarSpecial Purpose Acquisition Company (SPAC) targeting Indian media industry.

Variety understands that Sarkar’s New Jersey recorded International Media Acquisition Corp. (IMAC), of which he is appointed chairman, CEO and main shareholder, will have investments from the actor / producer Ajay Devgn (“Tanhaji”), filmmakers Mani ratnam (“Bombay”), Rohit Shetty (“Sooryavanshi”), Imtiaz Ali (“Rockstar”), Neeraj Pandey (“MS Dhoni: The Untold Story”) and actor Vidyut Jammwal (“Commando”).

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According to sources familiar with the matter, other supporters of the company are producers and media conglomerates such as Bhushan Kumar of film and music studio T-Series, Mumbai Film Studio, Supriya Yarlagadda of Annapurna Studios, Sri Venkateswara. Cine Chitra by BVSN Prasad, Y Not Studios by S. Shashikant, Storiculture by Deepa Tracy), Vishwa Prasad from People Media and Taher Cine Tekniq by Syed Taher Ali.

The company is also said to have the backing of non-entertainment entrepreneurs like Ajay Agarwal, who has interests in the manufacture and export of clothing.

IMAC aims to raise $ 200-230 million through an IPO on the NASDAQ stock exchange over the next 12-18 months. IMAC filed its prospectus with the U.S. Securities & Exchange Commission (SEC) on June 25, after reviewing the mandate as mandated by the SEC, and is reportedly holding roadshows. PSPC is expected to be listed in the second half of July.

In recent months, SPACs, often described as “blank check companies”, have become very popular vehicles for raising hedge funds and enabling private companies and start-ups to obtain stock quotes. Without their own experience and without significant commercial operations, the SAVS rely on the financial power of their bankers and the reputation of their founders to take their first steps.

The IMAC Board of Directors also includes: Sanjay Wadhwa, Managing Partner of AP International Group, one of the largest owners of Tamil-language intellectual property; former CAA Global Client Strategy Co-Head David Taghioff, who is now CEO of funder Library Pictures International; and Greg Silverman, current director of Stampede Ventures and former president of creative development and global production at Warner Bros. Pictures with credits such as “The Hangover,” “The Dark Knight,” “Gravity,” “Batman Vs. Superman: Dawn of Justice” and “Suicide Squad.” Others are the former Disney ruler India Vishwas Joshi, who is appointed CFO of IMAC, noted US businessman Paul Pelosi Jr., executive producer of “Greenland” Deepak Nayar and Suresh Ramamurthi, chairman of CBW Bank.

The IMAC prospectus filed with the SEC describes India as a leading mobile digital economy, as well as the market that sells the most movie tickets in the world, highlighting the opportunities that IMAC sees in the market. IMAC is expected to enter into merger and acquisition agreements in the areas of film, television and digital content, games, over-the-top distribution, online social media, e-commerce, events, celebrity and talent management, and application-based applications in fields such as sports and entertainment.

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