MUMBAI: Global financier and philanthropist George Soros has acquired a three per cent stake in Anil Ambani’s Reliance Entertainment for $100 million (approximately Rs 4 billion). This in turn has valued Reliance Entertainment at a whopping Rs 120 billion (Rs 12,000 crores).
A Reliance official, on condition of anonymity, confirmed the development to Businessofcinema.com.
Reliance ADAG has under its umbrella various entertainment companies like BIG FM (Radio), BIG Adda (social networking), BIG Flicks (movie rental), BIG One (talent management) BIG Motion Pictures and BIG Music and Home Entertainment.
On the filmed entertainment front, the company has signed up with Farhan Akhtar and Ritesh Sidwani’s Excel Entertainment for three films. On the other hand, Adlabs’ entire production portfolio has also been transferred to Reliance Entertainment including the animation film on Rajnikanth called Sultan – The Warrior. The company is also actively looking at tapping the regional film market and is planning movies in Bengali, Bhojpuri and other languages.
The company is also planning a TV foray and will be launching two movie channels later this year. Also on the anvil is its Direct-to-Home (DTH) venture, which will carry the ‘BIG’ branding. Reliance ADAG also has interests in gaming company housed under Zapak Digital Entertainment and Jump Games. Additionally, it acquired
Soros is the founder and chairman of a network of foundations that promote, among other things, the creation of open, democratic societies based upon the rule of law, market economies, transparent and accountable governance, freedom of the press, and respect for human rights. He is also the chairman of Soros Fund Management, LLC and founder of The Open Society Institute.
Reliance ADAG to foray into talent management