Reliance Group has acquired a minority stake in Prime Focus, an animation and entertainment services provider, in a multi-layered deal which will see the former merging its media and entertainment arm Reliance MediaWorks with Prime Focus. Both, Reliance MediaWorks and the promoters of Prime Focus will invest Rs 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 Reliance Media will hold 30.2 per cent stake. Moreover, the proceeds of the deal will be used to fund Prime Focus’ recent acquisition of the UK-based film editing studio Double Negative.
Reliance MediaWorks has a leading and comprehensive presence in Film and Media Services: Motion Picture Processing and DI; Film, Audio Restoration and Image Enhancement; 3D; Digital Mastering: Studios and Equipment rentals; Visual Effects; Animation; Broadcast and TVC Post Production with presence across India, USA and the UK.
