The famous filmmaker Karan Johar is all set to sell a 50% stake in Dharma Productions to Serum Institute of India CEO Adar Poonawalla-led Serene Productions. Yes, filmmaker Karan Johar’s Dharma Productions and Dharmatic Entertainment sold its 50% to Adar Poonawalla’s led Serene Production on Monday.
According to the sources, Karan Johar’s Dharma Productions was discussing with multiple parties including Saregama and Mukesh Ambani, Reliance Industries Ltd, before finalizing the deal with Poonawalla. Leaders of Dharma and Reliance met on Friday to discuss this. However, things did not finalize between Dharma and Reliance.
Insiders even say Dharma Productions has been actively looking for a strategic partnership for quite some time in response to rising production costs and shifting consumer preferences towards the OTT platforms.
Before dealing with Poonawalla, Dharma first approached Saregama and RPSG Group Music label. But they reportedly valued the company at Rs 600 crore even as the company’s revenue was above Rs 1000 crore. The production house then approached RIL for a better deal. But somehow it worked with Serene Productions.
Deal Between Karan Johar And Adar Poonawalla
Adar Poonawalla said on the investment, “We hope to build and grow Dharma and scale even greater heights in the years to come.”
On the investment by Serene Productions, Karan Johar said, “This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies. It’s about honoring our roots while embracing the future of global entertainment.”
What Changes?
Under the new structure, Karan Johar will be the Executive Chairman for a creative vision. Apoorva Mehta will be the Chief Executive Officer. They both will work together in steering and strategic direction and oversee the operations.
All About ‘The Dharma Productions’
Dharma Productions was founded in 1976, launching its legacy with the film Dostana starring Amitabh Bachchan and Shatrughan Sinha. Karan Johar took over the company in 2004 after his father Yash Johar’s demise. He expands its operation into various sectors, including talent management, content, production, advertising, and live entertainment through initiatives like Dharma 2.0., Cornerstone Agency Dramatic Entertainment, and Dharma Show Live TV and Movies.
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