Luthra And Luthra Represented Pocket Aces Pictures Private Limited In Its Acquisition By Saregama India Limited
LIVELAW NEWS NETWORK
30 Sep 2023 5:17 AM GMT
The Firm represented, Pocket Aces Pictures Private Limited, through its board of directors (“Pocket Aces”), and its founders, Aditi Shrivastava, Ashwin Suresh and Anirudh Pandita, in relation to its acquisition by Saregama India Limited (“Saregama”), a subsidiary of RP-Sanjiv Goenka (RPSG) Group.
Significance of the deal:
Saregama, the legacy music label, owns the largest music archives in India, and is one of the biggest music labels in the world. It owns nearly 50% of all the music ever recorded in the India.
Pocket Aces Pictures Private Limited, is the fastest-growing digital entertainment company that owns direct relationship with 95M+ younger digital-first customers across Instagram, YouTube etc. It has an IP catalogue of over 3,000 content pieces ranging from web series and sketches to music videos and reels on its channels FilterCopy, Nutshell and Gobble. The company’s talent management arm, Clout, manages over 100 digital influencers, and its long-form studio, Dice Media, has created web series for OTT platforms such as Netflix, Disney+ Hotstar, and Amazon Prime Video.
As a part of the deal structure, Saregama will initially acquire 51.8% shares in Pocket Aces, for ~Rs 174 crores with the subsequent acquisition of another ~41% stake in next 15 months at pre-agreed multiples. The transaction is an all-cash deal.
The team:
The core transaction team consisted of Nishant Singh (Partner), Saksham Madan (Managing Associate), Varshini Ramesh (Associate), and Maitri Meghani (Associate). The core transaction team was ably assisted by Chhavi Jhanji (Manging Associate), and Manushi Shah (Associate)
