India’s Got Talent producer Reliance Entertainment Studios has been acquired by a special purpose acquisition company (SPAC) backed by Shibasish Sarkar.
US-based International Media Acquisition Corp (IMAC) will also acquire Mumbai-based Risee Entertainment for a combined cost of $102m in cash and $38m in investment.
Sarkar, who is chair & CEO at IMAC, is the former CEO of Reliance, which has been behind TV shows including Bose: Dead/Alive and the local remake of Who Wants To Be A Millionaire.
Reliance’s Phantom Films banner was also one of the first companies to strike gold as streamers entered the market, producing the crime thriller Sacred Games as Netflix’s first Indian original series. It has also been behind movies such and Vikram Vedha and the upcoming Cirkus.
IMAC was set up last year and raised more than $200m ahead of plans to acquire companies.