MUMBAI: Reliance Big Entertainment Ltd, a member of Reliance ADA Group, has acquired an undisclosed majority shareholding in the Los Angeles and London-based international film sales company IM Global, promoted by Stuart Ford.
Ford‘s holding company, Ancramdale, will, however, retain a significant equity position in the business and the 40-year-old LA-based Brit will continue as CEO under a multi-year deal.
In February this year, the two companies formed a sales alliance that saw IM Global handle Reliance‘s prolific Hindi film output internationally - a groundbreaking arrangement in terms of a mainstream Hollywood player distributing Bollywood cinema.
The successful sales alliance has now transpired into Reliance acquiring a majority stake in IM Global. This extended relationship between the two companies ensures an increased capability for independent film financing by
IM Global, an expansion into sales and financing for top tier non-English language cinema as well as selective rights acquisitions for India and other Asian markets.
Said IM Global CEO Ford, "After a phenomenal first three years, the company is ready to move onto the next stage of its strategic growth. I simply could not wish for a more dynamic partner to help nurture that progression. We‘re also looking forward to support Reliance extend its presence in Hollywood and the worldwide film community."
