Lucknow IPL team owner wants to acquire KJo's Dharma Productions
What's the story
Saregama India Ltd, a part of the RP-Sanjiv Goenka Group, is in talks to buy a majority stake in Karan Johar's Dharma Productions, according to HT Mint. The music giant has been trying to mark its territory in the film and OTT space, and had earlier bought Pocket Aces Pictures as part of the plan. RPSG Group also owns the Lucknow Super Giants cricket team in the Indian Premier League (IPL).
Deal status
Acquisition deal yet to be finalized
Notably, the acquisition deal between Saregama India and Dharma Productions is still not in its final stages and may not materialize, sources familiar with the matter told Mint. Meanwhile, Dharma Productions has been struggling with unpredictable box office returns and rising star fees, prompting it to look for investments from conglomerates and industrialists.
Financials
Dharma Productions' financial performance
In the June quarter, Dharma Productions posted net sales of ₹205.28 crore, a 25.68% jump from ₹163.34 crore in the same quarter last year. However, the company's quarterly net profit declined by 15.09%, slipping to ₹36.92 crore in Q1 of this fiscal year from ₹43.48 crore last year. The EBITDA for the quarter stood at ₹63.64 crore, down by 5.8% from June 2023's ₹67.56 crore.