Saregama has announced that it would acquire 51.8% stake in digital entertainment company Pocket Aces Pictures Private Ltd. for ₹174 crore in an all cash deal.
It would further acquire another 41% stake in next 15 months at pre-agreed multiples, the company said.
Avarna Jain, Vice Chairperson, Saregama in a statement said, “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.”
