Anil Ambani-led Reliance Group has acquired stake in Prime Focus Ltd, an animation and entertainment services provider, in a multi-layered deal which will see the former merging its media and entertainment arm Reliance MediaWorks (RMW) with Prime Focus.
Both RMW and the promoters of Prime Focus, Naresh and Namit Malhotra, will invest 120 crore each in Prime Focus as part of the transaction.
In the merged entity, Prime Focus will have a 33.5 per cent stake, while RMW will hold 30.2 per cent.
The proceeds of the deal will be used to fund Prime Focus’ recent acquisition of the UK-based film editing studio Double Negative.
The deal will see the creation of a highly integrated media services group with over 5,500 people present across 20 locations offering visual effects, stereo 3D conversion, animation, and cloud-based digital media solutions.
Source: http://cablequest.org/news/national-news/item/5384-cq-reliance-media-works-acquires-stake-in-prime-focus.html
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