India-based Reliance Big Entertainment Ltd. has acquired a majority stake in film sales company IM Global.
Stuart Ford, founder and CEO of IM Global, made the announcment Thursday. The size of the stake wasn’t disclosed.
Move comes three months after the companies formed a partnership for IM Global to handle Reliance’s Hindi film output internationally.
“This extended relationship between the two companies ensures an increased capablity 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,” the companies said.
Ford’s holding company Ancramdale will retain a “significant” equity position and Ford will remain CEO under a multi-year deal.
Ford, the former head of Miramax International, founded IM Global in March 2007. The company’s slate last year included “Paranormal Activity” by Oren Peli and Tom Ford’s “A Single Man”; upcoming proejcts are Peli’s follow up “Area 51,” Will Ferrell’s “Everything Must Go,” “The Astral,” “The Company Men” with Ben Affleck and Tommy Lee Jones and John Cusack thriller “The Factory.”
IM Globa’s also in pre-production on Halle Berry’s “Dark Tide,” Kevin Costner’s “A Little War Of Our Own,” “Protection” starring Dwayne Johnson and Madonna’s “WE.”
Reliance is backing DreamWorks Studios and has development deals with Nicolas Cage’s Saturn Films, Jim Carrey’s JC 23 Entertainment, George Clooney’s Smokehouse Productions, Chris Columbus’ 1492 Pictures, Tom Hanks’ Playtone Productions, Brad Pitt’s Plan B Entertainment, Jay Roach’s Everyman Pictures, Brett Ratner’s Rat Entertainment, Julia Roberts’ Red Om Films and Brian Gazer and Ron Howards’ Imagine Entertainment.