Reliance Big Entertainement Ltd., a unit of Indian giant Releiance ADA Group, has acquired a majority stake in LA and London-based international sales company, IM Global, the company’s founder and CEO, Stuart Ford, said Thursday. The two companies formed a sales alliance in February in which IM Global represented Reliance’s Hindi film output internationally.
Ford founded IM Global in 2007. The pact will ensure 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,” according to a company release. Ford’s holding company Ancramdale will retain a “significant” equity position in the business, and the 40 year old LA-based Briton will continue as Chief Executive Officer 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,” said Ford in a statement. “I simply could not wish for a more dynamic partner to help nurture that progression. We’re also looking forward to helping Reliance extend its presence in Hollywood and the worldwide film community.” [Brian Brooks]