New Delhi, Apr 8 (IANS): International Media Acquisition Corp led by Shibasish Sarkar is focussing on investments across the media, entertainment, and related technology markets.
In a SEC filing, the company said it intends to target an initial business combination with the target company having an enterprise value of between $150 million and $500 million.
The team includes two current and one former senior executives from Reliance Entertainment Holdings Private Limited, AP International Group and Walt Disney Company India, respectively. Shibasish Sarkar, is Chairman of the Board and Chief Executive Officer, Sanjay Wadhwa, our Director and who will serve as strategic advisor as of the effective date of the registration statement, and Vishwas Joshi, Chief Financial Officer, collectively hold decades of operational experience at the aforementioned companies.
"We believe our team will be able to source media and acquisition investment opportunities through an extensive network, including by forging strategic alliances and understanding of the India and China markets of film, OTT, new media platforms and digital video distribution. Additionally, we believe that our team has the operational expertise to drive efficiencies at a target company following a business combination, and, given their extensive experience with public market investors, are well positioned to develop a thoughtful investor relations strategy," it said.
"While we may acquire a business in any industry and in any geography, we plan to focus our pursuit for business combination opportunities with companies operating in the media and entertainment and adjacent industries including, but not limited to gaming, OTT distribution, online social media, online commerce, events, celebrity and talent management, app-based applications in media and entertainment such as royalty contracts, merchandising, sports, leisure and hospitality, publishing and marketing," the filing said.
"Our objective is to focus on seeking business combination in the media & entertainment and related industries which capitalize on our management team's expertise. We expect to utilize our management team's experience in operating and leading businesses in these media & entertainment sectors and leverage their network of relationships to identify attractive high-growth businesses within our areas of focus," it added.
The company added, "We believe our management team is well positioned to create value for our stockholders, and that our contacts and sources, including 'A list' media personalities and film stars, film producers, talent management agencies and owners of private and public companies, private equity funds, and the investment bankers and legal and finance professionals advising these sectors, will allow us to generate attractive acquisition opportunities."
Shibasish Sarkar has served as Chairman of the Board of Directors and Chief Executive Officer since our inception. Sarkar has extensive experience of over 27 years in the media industry. Sarkar has been handling multiple verticals across films, television, animation, gaming content and operations of digital and new media platforms. Since January 2019, Sarkar has been the Group CEO at Reliance Entertainment and was Group COO from September 2015 to December 2018.
Sanjay Wadhwa has served as a member on the Board of Directors since our inception. Since 1993, Wadhwa has been the Managing Partner of AP International Group, established in 1958, now one of the oldest film studios in southern India. AP International Group has been involved in film financing, acquisition, distribution, and handling of over 1,000 films since its inception.
Wadhwa, with over 35 years of experience in the field of Indian media and entertainment industry, has expertise in film financing, international distribution and syndication, digital media services platform and content production. Wadhwa is a well-known media personality in Southern India and within the Tamil, Telugu, and Malayalam speaking markets in Middle East, North America and South-East Asia, with notable contribution to trade and film exporting organizations.
Vishwas Joshi has served as Chief Financial Officer since inception. Joshi is a certified cost accountant having over 28 years of experience in the fields of media and entertainment, consumer goods and manufacturing services. Until recently, Joshi was associated with Walt Disney Company India in the capacity of executive director and head of studio finance from June 2007 to September 2020.
Greg Silverman will become a member Board of Directors at the closing of this offering. Silverman has been the CEO and Founder of Stampede Ventures, LLC since April 2018. Stampede Ventures is a premiere entertainment company sitting at the intersection of Hollywood and Silicon Valley and wholly focused on creating the next generation of blockbuster franchises.
Prior to founding Stampede, from 1997 to March 2017, Silverman served at Warner Bros. Pictures and finally in the capacity of President, Creative Development and Worldwide Production where he had full oversight of Warner Bros. Pictures' development activities, global production and budget and worked on new opportunities to diversify and build upon the success of the company.
Paul Pelosi Jr. will become a member of the Board of Directors at the closing of this offering. Pelosi is an experienced advisor to emerging growth and Fortune 500 companies in the areas of finance, infrastructure, sustainability and public policy.