Shibashish Sarkar is the Chief Executive Officer of Reliance Entertainment, one of the largest media companies of India which specializes in the production, acquisition and broadcast of content. Sarkar is reported to step down from his role as the CEO of Reliance Entertainment to set up his own company.
Sarkar has an experience of 27 years in the media industry and started International Media Acquisition Corp (IMAC) to explore acquisition opportunities in the global market. IMAC is a Special Purpose Acquisition Company (SPAC) or simply called a blank check company. Investopedia states “A special purpose acquisition company (SPAC) is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company’’.
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IMAC has filed for an Initial Public Offering (IPO) of $230 million (Rs.1,715 crores) and listing on Nasdaq and was approved by the US Securities and Exchange Commission (SEC.) IMAC aims to acquire companies with a valuation of $150 to $500 million which are in search of capital. It is reported that IMAC will also explore undervalued media ventures, production houses etc. IMAC will mainly look for media acquisitions in India, North America, Europe and parts of Asia. Sarkar’s expertise in the industry is expected to take his company in the profitable direction.
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Telugu Filmnagar wishes best luck and success to Shibashish Sarkar in his latest venture.