Vistas Media Sets to Obtain Reliance Entertainment

Singapore-based media content and technology company Vistas Media Capital (VMC) is in the last stages of obtaining Anil Ambani- owned Reliance Entertainment in a deal worth 800 crore, according to the sources.

But the Reliance Entertainment, which recently produced the Diljit Dosanjh- starrer Amar Singh chamkila, the second-most watched Indian film on Netflix in the June quarter after Sanjay Leela Bhansali’s Heeramandi: the Diamond Bazaar, has looking for a buyer, according to media industry sources. Shibasish Sarkar, the CEO of Reliance Entertainment Group, didn’t respond to calls and text messages at the time of going to press. Sarkar, who is also the chairman & CEO of International Media Acquisition Corp (IMAC), a special acquisition company, in the past tried to obtain Reliance Entertainment from Ambani for around 800 crore, but lost to find enough investors for interest, informed sources told FE. 

Reliance Entertainment made headlines recently due to a disagreement with T-series over sharing 50% of the earned income from the film Amar Singh Chamkila. T-series had reportedly extended a loan of Rs 268 crore to Reliance Entertainment for producing 11 films. Claiming default, T-series sought to exercise its right to a lien and charge over Reliance Entertainment’s films, prompting legal action in the Delhi High Court. Some of the prominent works of Reliance Entertainment including ‘83 starring Ranveer Singh, Vikram Vedha featuring Hrithik Roshan and Saif Ali Khan, and Cirkus also starring Ranveer Singh. Among its upcoming projects are Section 84 starring Amitabh Bachchan and Singham Again, which will star Ajay Devgn, Deepika Padukone, and Tiger Shroff, among others.

Meanwhile, for VMC, the acquisition of Reliance Entertainment is expected to strengthen its presence in India’s film production sector. VMC is involved in content production and distribution across various platforms, as well as in gaming, animation, and streaming services. Co-founded by Abhayanand Singh and Piiyush Singh, both non resident Indians serving as the group CEO and group COO respectively, VMC gained attention in 2020 with its $5 million (40 crore) investment in planet Marathi, an over-the-top platform popular in Maharashtra. Subsequently, the company appointed former Viacom18 COO Raj Nayak as an advisor to its board, aiming to gain deeper insights into India’s media and Entertainment industry. 

In 2021, VMC purchased a controlling interest in Paperboat Design Studios, a Mumbai-based animation and design firm, for an undisclosed sum. Later, in November 2023, Kitara Capital, a multinational investment group headquartered in west Asia with extensive investments in India, established a joint venture (JN) with Vistas Media’s content division in Abu Dhabi.