Karan Johar’s Dharma Productions Sells 50% Stake To Pharmaceutical Magnate Adar Poonawalla

deadline.com:

Karan Johar‘s Indian production powerhouse Dharma Productions has major new investment. The Koffee With Karan maker is selling 50% to its shares to Serene Productions, which is led by pharmaceutical tycoon Adar Poonawalla, for 1,000 crore ($120M).

The binding agreement values Dharma, which comprises Dharma Productions and Dharmatic Entertainment, at around $240M. Local reports suggest Johar had also met with the likes of Reliance Industries, Saregama and the Adani Group about offloading shares before sealing the Serene Productions agreement.

The company’s revenues for 2022/23 financial year were about $124M. Following the deal Johar, whose father Yash Johar founded Dharma back in 1976, will retain the remaining 50%.

He will be Executive Chairman, spearheading the company’s creative vision, with Apoorva Mehta as CEO. Dharma Productions’ recent films include Kill, Bad Newz, Rocky Aur Rani Ki Prem Kahani and Brahmāstra: Part One – Shiva, while digital-focused Dharmatic Entertainment is known for streaming shows such as The Fabulous Lives of Bollywood Wives, Call Me Bae, The Tribe, Show Time, and Love Storiyaan, and has deals in place with Netflix and Prime Video.