Reliance Entertainment's Shibasish Sarkar floats SPAC
The New Jersey-registered company International Media Acquisition Corp plans to raise $200-230 million through an initial public offering (IPO) on Nasdaq within the next 12-18 months
The New Jersey-registered company plans to raise $200-230 million through an initial public offering (IPO) on Nasdaq within the next 12-18 months. It plans to identify and acquire a business with untapped opportunities for building a public company. The company will look to acquire companies with enterprise value between $150 million and $500 million.
IMAC's sponsor Content Creation Media LLC, an entity affiliated with Sarkar has committed to purchase an aggregate of 722,000 units (or 804,500 units if the over-allotment option is exercised in full), at $10.00 per private unit (for a total purchase price of $7,220,000, or $8,045,000 if the over-allotment option is exercised in full).
Highlighting the growing opportunities in the segment, the company noted that studios and production houses with strong content libraries and pipelines are seeking financing deals to make up for an unforeseen lack of liquidity. Media assets being valued significantly lower than they had been previously and new media entities like digital media, over-the-top (OTT), e-sports, animation, and visual effects studios housed within struggling traditional media companies will also be on the company's radar.
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