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 - it was announced today by IM Global founder and CEO, Stuart Ford.
In February 2010, 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 progressed to Reliance acquiring a majority stake in IM Global, which Ford founded in March 2007. 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.
Ford's holding company Ancramdale will retain a significant equity position in the business, and the 40 year old LA-based Brit will continue as Chief Executive Officer under a multi-year deal.
Stuart Ford CEO IM Global said, "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."
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