Adar Poonawalla Serene Productions will acquire a 50% stake in Karan Johar’s Dharma Productions and Dharmatic Entertainment. This deal will be for Rs 1,000 crore. The company gave this information today i.e. Monday (21 October).
After this deal, Karan Johar will be left with about a 50% stake in Dharma. Currently, Johar has a 90.7% stake in Dharma and his mother Hiroo has a 9.24% stake. Even after the deal, Karan Johar will remain the executive chairman of the company. Apoorva Mehta will also remain the CEO.
Adar Poonawalla will strengthen Dharma financially
This collaboration aims to transform content creation, distribution and audience engagement by integrating advanced technologies and production methods in India’s rapidly changing entertainment industry. Poonawalla’s investment will strengthen Dharma financially.
Karan Johar said- will take the legacy to new heights
On this partnership, Karan Johar said- ‘Dharma has always been known for its heart-touching story-telling. With Adar, a close friend and visionary, we are ready to take the legacy of Dharma to new heights.’
Adar Poonawalla said- happy with the partnership with the production house
Adar Poonawalla expressed delight in partnering with his friend Karan Johar for one of the most prestigious production houses in our country. He hopes to scale even greater heights in the years to come.
Yash Johar founded Dharma Productions in 1976
Dharma Productions was founded in 1976 by Yash Johar. Under the leadership of Karan Johar, it has become a powerhouse in Bollywood having produced over 50 films including blockbusters like Kabhi Khushi Kabhie Gham, Yeh Jawaani Hai Deewani and 2 States.
The company is also known for launching young actors from several film families including Alia Bhatt and Varun Dhawan. In 2018, it expanded into digital content with Dharmatic Entertainment. It created shows for platforms like Netflix, and Amazon.
- In FY 2023, Dharma Productions’ revenue grew 276.8% year-on-year to Rs 1,040 crore. A year ago, i.e. in FY 2022, the production house’s revenue was Rs 276 crore.
- The company’s total revenue in FY 23 includes Rs 656 crore from distribution rights, Rs 140 crore from digital, Rs 83 crore from satellite rights and Rs 75 crore from music.
- However, due to increased expenses, the company’s net profit declined by 59% to Rs 11 crore. The company spent Rs 1028 crore on its needs during the financial year.
Adar Poonawalla is the CEO of Serum Institute, which makes the COVID-19 vaccine
Poonawalla has a diversified business portfolio. Apart from entertainment, his business is in sectors like financial services, real estate and hospitality. Adar Poonawalla is also the CEO of Serum Institute, which manufactures the Covid vaccine.
