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Reliance Big Entertainment, a part of the Reliance ADA Group, has acquired a majority stake in Los Angeles and London-based international film sales company IM Global for an undisclosed amount.
This was announced today by IM Global founder and CEO Stuart Ford. In February this year, the two companies had 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 IM Global, Reliance Entertainment said in a statement.
This extended relationship 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 Los Angeles-based Stuart Ford will continue to hold his position under a multi-year deal.
"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," IM Global CEO Stuart Ford said.
IM Global was founded in March 2007 by former Miramax International head Ford.
The company quickly established itself as one of the leading sales agents handling a wide variety of mainstream commercial, art house and genre fare.