Adar Poonawala's Serene Productions will buy 50% stake in Karan Johar's Dharma Productions and Dharmatik Entertainment. This deal will be done for 1,000 crore rupees. Today i.e. Monday (October 21) the company gave this information.
Karan Johar will hold around 50% stake in Dharma after this deal. Johar currently owns 90.7% stake in Dharma and his mother Hiru owns 9.24%. Even after the deal, Karan Johar will remain the executive chairman of the company. Apoorva Mehta will also be the CEO.
Poonawalla's investment will strengthen Dharma financially
The collaboration aims to transform content creation, distribution and audience engagement by integrating advanced technologies and production methods in India's rapidly changing entertainment industry. Poonawala's investment will strengthen Dharma financially.
Karan Johar said- Will take the legacy to new heights
On this partnership, Karan Johar said- 'Dharma is always known for telling heart touching stories. With Adar, a close friend and visionary, we are ready to take Dharma's legacy to new heights.'
Poonawala said – Happy to partner with the production house
Adar Poonawala said, 'I am happy to partner with my friend Karan Johar in one of the most prestigious production houses of our country. We hope to touch even greater heights in the years to come.
Adar Poonawalla is the CEO of Serum Institute, which makes a Covid vaccine.
Yash Johar founded Dharma Productions in 1976
Dharma Productions was founded in 1976 by Yash Johar. Under the leadership of Karan Johar, it has become a powerhouse in Bollywood, producing over 50 films including blockbusters like Kabhi Khushi Kabhi Gham, Yeh Jawaani Hai Deewani and 2 States.
The company is also known for launching young actors from many film families including Alia Bhatt and Varun Dhawan. In 2018, it expanded into digital content with Dharmatik Entertainment. Produced shows for platforms like Netflix, Amazon.
- Dharma Productions revenue to grow 276.8% YoY in FY2023 to Rs. 1,040 crores. A year ago i.e. in the financial year 2022, the income of the production house was Rs 276 crore.
- The total revenue of the company in FY23 from distribution rights was Rs. 656 crore, from digital Rs. 140 crore, from satellite rights Rs. 83 crore and from music Rs. 75 crores included.
- However, the company's net profit fell by 59% to Rs. 11 crore has happened. The company has spent Rs 1028 crore on its needs during the financial year.
CEO of Poonawalla Serum Institute, which manufactures the Covid vaccine
Poonawalla has a diversified business portfolio. Apart from entertainment, his businesses are in financial services, real estate and hospitality. Adar Poonawala is also the CEO of Serum Institute, which makes the Covid vaccine.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
