India’s leading production house Dharma Productions has sold its 50% stake to Adar Poonawalla-led Serene Productions for Rs 1,000 crores.
Filmmaker Karan Johar will retain the remaining 50% ownership.
According to a release, this this transaction is aimed at expanding large-scale, multilingual productions, which includes building franchises. It will also allow them to explore new avenues in terms of content creation and distribution, elevate the Indian entertainment ecosystem, and take bigger creative steps.
Karan Johar, in his role as the executive chairman, will spearhead the company’s creative vision. Meanwhile, Apoorva Mehta, as chief executive officer, will work closely with Johar to oversee the company’s operational aspects.
Talking about the partnership, Adar Poonawalla, said, “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.”
Karan Johar, Executive Chairman of Dharma, stated, “From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture. My father dreamed of creating films that would leave a lasting impact, and I’ve dedicated my career to expanding that vision. Today, as we join forces with Adar, a close friend and an exceptional visionary and innovator, we’re poised to elevate Dharma’s legacy to new heights. This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies. It’s about honoring our roots while embracing the future of global entertainment.”
This news arrived after several news outlets claimed that Karan Johar was seeking strategic partnerships in response to rising production costs and transforming consumer preferences towards OTT platforms.
In particular, the production house suffered a blow due to the lacking performance of its recent film Jigra, co-produced by Karan Johar with Alia Bhatt, and created with a vaunted budget of Rs 80 crores.
Reportedly, Dharma Productions was previously in talks with both Reliance and Saregama for strategic deals, with neither falling through. Beating them both in the race, the deal with Adar Poonawalla marks a new chapter for the renowned production house.
Founded in 1976 by Yash Johar, Dharma Productions is one of India’s leading film production houses. Karan Johar took over the company in 2004 after his father’s demise, expanding its operations into multifaceted sectors. Dharma boasts an impressive record, launching its legacy with the Amitabh-Bachchan starrer Dostana and achieving success in numerous other films. Its most recent movies include Kill, Bad Newz, Rocky Aur Rani Ki Prem Kahani.