TV
Serene Productions, headed by Adar Poonawalla is all set to acquire a 50% stake in Dharmatic Entertainment and Dharma Productions headed by Karan Johar . Poonawalla will pay Rs 1000 crore to get half of the stake in Karan's company. The rest of the stake will be retained by the famous director and he will also continue to operate as Executive Chairman. On the other hand, Apoorva Mehta who is currently serving as the CEO will continue to serve in the same position even after this deal.
Since the last couple of months, there have been huge speculations about Karan Johar's keen interest in selling his stake in Dharma Productions. Many dismissed these as rumours, but the way Karan and his team's movies flopped badly made it evident that his production house was in financial trouble. According to reports on the web,Dharma Productions has been trying to find the right investor and strike the right deal for a long time now.
Both Karan and Apoorva have been in talks with leading conglomerates of India including Jio Cinema and Saregama. But no one expected this collaboration of Adar Poonawalla with Karan Johar.
Although the production house of Karan has earned fourfold revenue which rose to Rs 1040 crore last year as compared to only Rs 276 crore in 2022, the net profit went down by 59% due to high expenses which forced the Kuch Kuch Hota Hai director to take this decision.
Dharma Productions came into existence in 1976. Founded by Yash Johar it produced some good movies like Agneepath in the 90s. But it was after Karan Johar took over as the head of Dharma Productions that its worth and fame grew manifold. Apart from directing some blockbuster movies like Kabhi Khushi Kabhie Gham and My Name is Khan, Karan also produced superhits like Kal Ho Naa Ho, 2 States, and Yeh Jawaani Hai Deewani under his production banner.
Talking about this new collaboration Poonawalla who has a stake in multiple businesses said, “I am delighted to partner with one of the most iconic production houses in our country, alongside my friend Karan Johar. Together, we hope to grow Dharma and scale greater heights."
