Shibasish Sarkarit is New Jersey Registered Special Purpose Acquisition Corporation (SPAC) International Media Acquisition Corp. (IMAC), of which he is chairman and CEO, acquires the Indian company Trusted Entertainment Studios and Risee Entertainment.
A filing with the United States Securities & Exchange Commission (SEC) on October 22 reveals that the agreement for the two companies is in the form of a total of $ 102 million in cash and $ 38 million in investment, spread over four tranches.
Sarkar was previously CEO of Reliance Entertainment, which recently backed “Vikram Vedastarring Hrithik Roshan and Saif Ali Khan and “Goodbye,” starring Amitabh Bachchan and Rashmika Mandanna, both of which underperformed at the box office. Upcoming for Reliance Entertainment, “Cirkus,” featuring Ranveer Singh.
IMAC, created to target the Indian media industry, raised over $200 million through an IPO on NASDAQ in 2021. It has also attracted a galaxy of heavyweights from the Indian entertainment industry as financial backers.
IMAC’s management team also includes Executive Director Sanjay Wadhwa, Managing Partner of AP International Group, one of the largest owners of Tamil-language intellectual property and former Disney India Chief Financial Officer Vishwas Joshi as as financial director. Among the independent directors are former co-head of CAA’s global client strategy department, David Taghioff, who is now CEO of film lender Library Pictures International; and producer Deepak Nayar (“Greenland”).
SPACs, often described as “blank check corporations,” have become popular vehicles for raising hedge funds and allowing private companies and start-ups to obtain stock listings. Without a track record of their own and without significant commercial operations, SPACs rely on the financial power of their bankers and the reputation of their founders to succeed in their first steps.