Back in April 2021, it was reported that the CEO of Reliance Entertainment, Shibasish Sarkar, will spearhead the first special purpose acquisition company - International Media Acquisition Corp., a New Jersey-registered company. It was also revealed that the company "aims to raise $200 million-$230 million through an IPO on the NASDAQ exchange within the next 12-18 months."
Now, a report in Variety states that big names from the Indian film industry are investing in the company. Actor-producer-director Ajay Devgn, Vidyut Jammwal, filmmakers Mani Ratnam, Rohit Shetty, Imtiaz Ali, Luv Ranjan, and Neeraj Pandey are some of the celebrities who are investing in the company. Shibasish Sarkar is the chairman, CEO, and leading shareholder in his company.
The report also revealed that many more industry names are supporting the venture - T-Series Head Honcho Bhushan Kumar, Mumbai Movie Studio, Supriya Yarlagadda of Annapurna Studios, B.V.S.N. Prasad’s Sri Venkateswara Cine Chitra, S. Shashikant’s Y Not Studios, Deepa Tracy’s Storiculture, Vishwa Prasad of People Media and Syed Taher Ali’s Taher Cine Tekniq.
The board of directors of IMAC includes Sanjay Wadhwa, Managing Partner of AP International Group, David Taghioff, CEO of film funder Library Pictures International; and Greg Silverman, current head of Stampede Ventures, former Disney India Executive Vishwas Joshi will be the Finance Director at IMAC; U.S. businessman Paul Pelosi Jr., Greenland executive producer Deepak Nayar and Suresh Ramamurthi, chairman of CBW Bank are some of the big names.
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