Reliance Entertainment today said it has sold majority stake in film and television studio IM Global to Los Angeles-based Tang Media Partners (TMP).
Following the deal, TMP Founding Partner Donald Tang would become the the Executive Chairman of the IM Global board, a statement said.
“TMP’s equity investment in IM Global represents a majority ownership position in the parent company and Tang is now the Executive Chairman of the IM Global board,” it said.
However, financial details of the deal were not disclosed.
Meanwhile, in a separate transaction IM Global and TMP have partnered with Asian internet major Tencent, in a new television production joint venture, which will operate under the IM Global Television banner.
This includes a dedicated television production investment fund as well, the statement added.
“The combined vehicles will provide IM Global and IM Global Television with significant capital to further invest in film and television programming development, production and distribution and to expand its global distribution platform,” it said.
IM Global Founder and CEO Stuart Ford and President Mark Stern would continue their roles in the company.
“Ford will continue as CEO of IM Global under a new multi-year employment deal as well as serving in a similar capacity within the new television venture. Current IM Global Television President Mark Stern to continue in his role,” the statement said.
Commenting on the development, Ford said: “These are landmark deals for our company. In addition to injecting significant growth capital into our fast-growing film and television operations, this puts us in business with one of the most seasoned and respected entrepreneurs on the Hollywood China axis in Donald Tang.”
Donald Tang said: “Combining Tang Media Partners strategic and financial partners, through these simultaneous transaction is all geared to expand and accelerate the growth of IMGlobal. We plan to integrate our operating teams and partners globally to further drive IM Global’s success in film, TV and beyond.”
Besides, Reliance will continue its relationship with IM Global via a reinvestment in the platform which will help to expand the independent studio into partnership with Tencent.
“Reliance Entertainment and Ford both remain as significant shareholders in the thriving film and television production, financing, sales and distribution company. They will also maintain seats on the parent company’s board and on the IM Global Television board along side TMP and Tencent,” it said.
TMP, is active in the development, financing, production, and distribution of entertainment content focused on the rapidly evolving intersection where China and Hollywood meet.