IM GLOBAL SECURES FUNDING FROM RELIANCE
The Companies Extend their Sales Alliance Announced in February 2010
Los Angeles, May 07, 2010:
Reliance Big Entertainment Ltd., a member of Reliance Group, has acquired an undisclosed majority shareholding in the Los Angeles and London based international film sales company IM Global - it was announced today by IM Global founder and CEO, Stuart Ford.
In February 2010 the two companies formed a sales alliance that saw IM Global handle Reliance’s prolific Hindi film output internationally - a groundbreaking arrangement in terms of a mainstream Hollywood player distributing Bollywood cinema.
The successful sales alliance has now progressed to Reliance acquiring a majority stake in IM Global, which Ford founded in March 2007. This extended relationship between the two companies 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 LA-based Brit will continue as Chief Executive Officer under a multi-year deal.
Stuart Ford CEO IM Global said: “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.”
About IM Global
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 in the international community handling a wide variety of mainstream commercial, arthouse and genre fare. The company enjoyed an outstanding 2009 the highlights of which were supernatural blockbuster “Paranormal Activity” by Oren Peli and Tom Ford’s critically acclaimed “A Single Man”.
About Reliance Big Entertainment:
Reliance BIG Entertainment Ltd. (RBEL) is the flagship media and entertainment arm of India's Reliance Group, with a significant presence in film entertainment (film production, distribution, and exhibition), broadcasting and new media ventures.
RBEL's motion picture brand, Reliance BIG Pictures (www.reliancebigpictures.com) has built a impressive film production slate in Hindi, English & other Indian languages, which it markets and distributes worldwide. Following Reliance BIG Pictures’ association with IM Global, the company now benefits from an international sales team with an excellent reputation and global presence dedicated to selling its Bollywood and regional language slate.
In Hollywood, Reliance BIG Pictures has partnered with Steven Spielberg and Stacey Snider on the formation of 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. RBEL’s group company, Reliance MediaWorks Limited (www.reliancemediaworks.com) is India's largest film processing, exhibition and entertainment services company. It operates BIG Cinemas, India's premier cinema chain with over 515 screens, including over 200 screens in the United States and an exhibition presence in Malaysia and Netherlands. Furthermore, through Reliance MediaWorks’ Los Angeles-based subsidiary Lowry Digital and its Japan-based subsidiary Imagica the company has a comprehensive presence in Film Services including motion picture processing and DI; visual effects; film restoration and image enhancement; 2D to 3D conversion; digital mastering: studios and equipment rentals.
The Reliance Group (www.relianceada.com) is amongst India's top 3 business houses and has interests in telecommunications, energy, financial services, infrastructure and media and entertainment.
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