Indian media giant invests undisclosed sum in growing foreign sales company
India’s Reliance Big Entertainment has acquired a majority stake in Stuart Ford’s foreign sales company, IM Global.
The undisclosed investment follows an agreement made in February between the two companies, in which IM began handling foreign sales for Reliance’s Hindi product.
The IM Global investment also marks the Bollywood company’s biggest Hollywood move since it funded DreamWorks to the tune of $325 million last August.
According to a joint IM Global/Reliance release, “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.”
Added Ford: “After a phenomenal first three years, the (IM Global) 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 helping Reliance extend its presence in Hollywood and the worldwide film community.”