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| Edited By: Ashish K Tiwari |Source: DNA |Updated: Mar 17, 2018, 03:57 AM IST
Reliance Big Entertainment Ltd has bought a majority stake in IM Global, a Hollywood film sales company with bases in Los Angeles and London, in a bid to ramp up its own distribution abilities for Bollywood movies in key markets outside India such as the UK and US.
The move pits Reliance Big in direct competition with Eros International, the Kishore Lulla-promoted, London-based company that is the biggest distributor of Bollywood films outside India.
Financial details of the acquisition are not known.
Sanjeev Lamba, chief executive officer, Reliance Big Entertainment, could not be reached for comment.
“We cannot share the financials or the extent of stake acquired,” said a Reliance Big Entertainment spokesperson.
The two companies had in February this year formed an alliance by which IM Global was distributing Bollywood cinema - essentially films produced and distributed by Reliance Big - in the US and the UK.
IM Global was set up in March 2007 by former Stuart Ford, former head of Miramax International.
Though Reliance Big will hold a majority stake in IM Global, Ford’s holding company, Ancramdale, will continue to have a significant equity position. Ford will also continue as chief executive officer under a multi-year deal.
Ford said after three years in business, the company was now ready to get into the next stage of strategic growth.
“We’re also looking forward to support Reliance extend its presence in Hollywood and the worldwide film community,” he said.
IM Global expects to have “better film financing abilities with Reliance Big’s backing and expand into sales and financing for top-tier non-English language cinema” - which observers say is essentially distribution of Bollywood fare in the UK and the US — as well as “selective rights acquisitions for India and other Asian markets”.
Among Reliance Bir’s key international media and entertainment associations include partnership with Steven Spielberg and Stacey Snider on the formation of DreamWorks Studios.
The company has also development deals with Nicolas Cage’s Saturn Films, Jim Carrey’s JC 23 Entertainment, George Clooney’s Smokehouse Productions, Chris Columbus’ 1492 Pictures, Tom Hanks’ Playtone Productions, Brad Pitt’s Plan B Entertainment, Jay Roach’s Everyman Pictures, Brett Ratner’s Rat Entertainment, Julia Roberts’ Red Om Films and Brian Gazer and Ron Howards’ Imagine Entertainment.
