Adar Poonawalla is a man who dons many hats. He is equally at home posing next to vaccines for dangerous diseases as he is next to prize horses, sports cars, or celebrities. But outside of partying hard with Bollywood stars, he hasn't really had anything to do with the film business. That changed late in October, when the Serum Institute of India CEO announced he had purchased a 50% stake in veteran Bollywood filmmaker Karan Johar's Dharma Productions, known for hits such as Kuch Kuch Hota Hai and Kabhi Khushi Kabhie Gham, for ₹1,000 crore.
The deal included Dharma Productions' digital content arm Dharmatic Entertainment, which has produced over-the-top (OTT) originals such as Koffee With Karan (on Disney+ Hotstar), Fabulous Lives of Bollywood Wives (Netflix), and Call Me Bae (Amazon Prime Video).
"I am delighted to have the opportunity to partner with one of the most iconic production houses in our nation, along with my friend Karan Johar. We hope to build and grow Dharma and scale even greater heights in the years to come," Poonawalla had said in a statement announcing the deal. Mint has reached out to him for a comment but had not received a response at the time of publishing.
While the development may have taken the general public by surprise, industry insiders did not bat an eyelid. "Dharma was out in the market for a while. The studio was looking to raise money considering how some of its recent films have fared (not well) and how streaming services are turning cold," a senior movie producer told Mint, on condition of anonymity.
Music label Saregama India Ltd was reportedly in talks to acquire a majority stake in the Bollywood film production house, and conglomerate Reliance Industries, too, had evinced interest. Eventually, it was vaccine tycoon Poonawalla who pulled the trigger and inked a deal.
Denne historien er fra December 19, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra December 19, 2024-utgaven av Mint Mumbai.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
How Bhansali Elevates the First Encounter
An excerpt from a new book on the Hindi director considers the importance of first sightings in Sanjay Leela Bhansali's cinema
From arrack to wine, a bar crawl across Sri Lanka
Cocktail bars in the island nation are drawing on local traditions and flavours to give a heady twist to familiar spirits
The Treasures of Nimrud Pieced Together Again
Archaeologists Have Been Reassembling Bas-Reliefs, Sculptures and Decorated Slabs
Only human-centred AI can charm humans to adopt it
The AI industry could learn from carmakers how to focus on the consumer and modify perceptions
How Emerging Economies Could Prosper in a Protectionist World
As manufacturing export success gets harder, they should focus on service exports. These are unlikely to face big trade barriers
The Asian Dream Is Waking Up To Realities Of Middle-Class Life
Asians are realizing that staying middle-class is not guaranteed
Lessons from the 75-year-old National Sample Survey
Its impressive history tells us much about innovation, autonomy and state-level data collection
Fix India's bond market to lift economic growth
As India's economy slows, we should revive public-private partnerships to attract private investment. But, for debt funding, we'll need to reform and invigorate our market for bonds.
We should let clarity prevail over nonsense: Here's a handy guide
We must use simple language, empathize with people, not take ourselves too seriously and be kind
Clear Goals and Discipline: How Small Investors Can Build Lasting Wealth
There is no one-size-fits-all, the answer will depend on your needs, personal preferences
