Reliance MediaWorks Ltd, the film and entertainment services arm of Reliance ADA Group, is reorganising its business under two separate business units film and media services and exhibition, to be led by separate CEOs. The move, which comes ahead of a proposed PE funding in
in the film and media services division of the company, will see the current CEO Anil Arjun move to a role of strategic advisor.
Venkatesh Roddum will lead the film & media services unit while Ashok Ganapathy will head the exhibition business, which houses the company's multiplex operations.
The restructuring will be for the company's operations across geographies including India, US, UK and Malaysia. The firm had earlier said it is going to put the businesses under separate subsidiaries, a precursor for raising resources independently.
Reliance had recently said it has struck a deal to raise Rs 605 crore ($110 million) from an unnamed PE fund for its film & media services business by selling a signficant minority stake. This would be the single largest PE transaction in Indian media sector in over five years.
The company is also separately raising around Rs 600 crore through a rights issue. Reliance MediaWorks has a market cap of just Rs 254 crore.
Reliance MediaWorks operates Big Cinemas and the television venture Big Synergy apart from other film and media services like motion picture processing, studios and equipment, post production, visual effects, animation, broadcast and more.
Film and media services is one of three business lines of public listed Reliance MediaWorks, formerly known as Adlabs. The unit was the original core business of Adlabs, before Reliance ADA Group acquired the firm and added more businesses. It has presence in India, US, Japan and UK, with exposure in motion picture processing, film restoration and image enhancement apart from 3D, digital mastering, studios and equipment rentals, visual effects, animation and TVC post production.
(Edited by Prem Udayabhanu)