Reliance Takes Stake in L.A-Based Film Outfit

LOS ANGELES: India’s Reliance Big Entertainment has picked up a majority stake in Los Angeles- and London-based international film sales agent IM Global.

In February, IM Globl clinched a deal to handle Reliance’s Hindi film output internationally. With Reliance’s equity investment, IM Global can benefit from increased access to financing and can expand into non-English language cinema. Stuart Ford, who founded IM Global in 2007, will retain a "significant" stake in the business and will remain CEO. He noted: "After a phenomenal first three years, the company is ready to move onto the next stage of its strategic growth. I simply could not wish for a more dynamic partner to help nurture that progression. We’re also looking forward to helping Reliance extend its presence in Hollywood and the worldwide film community."

Titles handled by IM Global last year included Paranormal Activity and A Single Man.