International Media Acquisition Corp, the special purpose acquisition company (SPAC) founded by Shibasish Sarkar, with eminent entertainment industry members on board has raised $200 million offering 20 million units at $10 through an initial public offering and lists on the Nasdaq under the symbol IMAQU.
The North Brunswick, NJ-based company aims to acquire its target in the next 12-18 months with a special emphasis on Indian media and entertainment sector, with a focus on North America, Europe, and Asia (minus China). It intends to focus specifically on companies that are positioned to benefit directly from the growth of digitally available content.
The company is led by CEO and Chairman Shibasish Sarkar, the Group CEO of Reliance Entertainment, and CFO Vishwas Joshi, who most recently served as executive director and head of studio finance at Walt Disney Company India. IMAC’s board of directors includes Sanjay Wadhwa, managing director of AP International Group, one of the biggest Indian regional-language IP owners, former co-head of CAA’s global client strategy department David Taghioff, Greg Silverman, current head of Stampede Ventures, and former president of creative development and worldwide production at Warner Bros. Pictures, noted U.S. businessman Paul Pelosi Jr. and Suresh Ramamurthi, chairman of CBW Bank.
IMAC is said to be backed by India’s most powerful and influencing entertainment producers, industry leaders, creative talents and studios. The big league reportedly backing the IMAC venture includes Bhushan Kumar of T Series, the 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, filmmakers Mani Ratnam, Rohit Shetty, Imtiaz Ali, Luv Ranjan, Neeraj Pandey and actor Vidyut Jammwal.
According to sources familiar with the matter, other supporters of the venture reportedly include producers and media conglomerates such as Bhushan Kumar of film and music studio T-Series, actor-producer Ajay Devgn, the 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.
Developing story and will be updated