Saregama Acquires Majority Stake In Digital Entertainment Company Pocket Aces The acquisition is expected to create synergies across the artist and influencer management and long-format video creation businesses of the two companies
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Saregama Acquires Majority Stake In Digital Entertainment Company Pocket Aces Pictures Private Limited. According to an official release, Saregama will acquire 51.8% shares for INR 174 crore with a plan to further acquire another 41% stake in next 15 months at pre-agreed multiples.
It further said this acquisition will further strengthen Saregama's strategic ambition to take a leadership position in New Music across all Indian languages.
"This acquisition signifies the confluence of tradition and innovation. While we have always been leaders in the realm of music and media, this partnership with Pocket Aces will add new dimensions to our business as we tap into the burgeoning young digital audiences," said Avarna Jain, vice-chairperson, Saregama.
As per the statement, Pocket Aces' revenue from operations was INR 104 crore in FY23. The company claimed that it has grown by 34% CAGR over the last 4 years and is expected to grow even faster in future.
The acquisition is expected to create synergies across the artist and influencer management and long-format video creation businesses of the two companies.
Formerly known as The Gramophone Company of India Ltd., Saregama owns the largest music archives in India. It has also expanded into other branches of entertainment – publishing, film production and digital content. On the other other hand, Pocket Aces is a digital media company creating content across genres and distribution platforms.
