Reliance Entertainment Pvt Ltd is in discussions with Anil Ambani's firm to buy a private movie studio and content distribution company owned by the industrialist and his family, according to a report by The Economic Times quoting sources.
Shibasish Sarkar, the group chief executive of Reliance Entertainment, has been reportedly holding discussions on a management buyout (MBO) to sign a non-binding agreement by the end of this calendar year. Reliance Entertainment is planning conclude the transaction by March.
Sarkar is said to use funds from his special purpose acquisition company (SPAC), International Media Acquisition Corp (IMAC), for this transaction. According to the report, the deal could value Reliance Entertainment at Rs 800-1,000 crore.
In April this year, Sarkar had filed for a Rs 1,715-crore initial public offering in the US with a Nasdaq listing. According to the publication, the US Securities and Exchange Commission has approved his proposal, however, the valuations are yet to be finalised and agreed upon.
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