Mumbai : Reliance Entertainment’s majority stake in Hollywood firm IM Global will be pared to 30% after an equity infusion of $200 million by Tang Media Partners (TMP).
Earlier, The Anil Ambani-led entertainment company had picked up a majority stake in IM Global, an independent international film and television production, sales and distribution company in 2010 from founder Stuart Ford.
Now, TMP will have a controlling 51% stake in the company and takeover the operations of IM Global, while Reliance Entertainment will remain as financial investor after the restructuring. Donald Tang, founding partner of TMP, will be the executive chairman of the company.
Apart from this, IM Global and TMP have also partnered with Asian internet company, Tencent, in a new television production joint venture, which will operate under the IM Global Television banner.
The combined vehicles will provide IM Global and IM Global Television with significant capital to further invest in film and television programming development, production and distribution and expand its global distribution. Tencent’s subsidiaries include social platforms, communications, online games, news and information, and media and content, including video programming.
Reliance Entertainment and Ford will maintain seats on the parent company’s board and on the IM Global Television board along with TMP and Tencent.Ford will continue as CEO of IM Global under a new multi-year employment deal besides serving in a similar capacity within the new television venture. Current IM Global Television president Mark Stern will also continue in his role.
