Reliance Big Entertainment acquires shares in IM Global
Los Angeles: Reliance Big Entertainment Limited Friday acquired an undisclosed majority shareholding in the Los Angeles and London-based international film sales company IM Global, which was founded by Stuart Ford in 2007.
In February 2010, the two companies formed a sales alliance after which IM Global began distributing Reliance`s Hindi film output internationally.
The successful sales alliance has now progressed to Reliance acquiring a majority stake in the company, a press release 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," said Ford, the chief executive officer of IM Global.
"We`re also looking forward to support Reliance extend its presence in Hollywood and the worldwide film community," he added.
This extended relationship between the two companies will ensure 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.
However, Ford`s holding company Ancramdale will retain a significant equity position in the business, and 40-year-old Los Angeles-based Stuart Ford will continue to hold his position under a multi-year deal.