Music label company Saregama has acquired a major acquisition in digital entertainment company Pocket Aces Pictures Private Limited.
Saregama will acquire 51.8% shares for Rs 174 crores and plans to acquire another 41% stake in the next 15 months at pre-agreed multiples, said a statement from the company.
Acquiring Pocket Aces will add to a distribution network of over 95 million followers, which Saregama will leverage to popularise its music library among the 18-35 audience segment. It will also create synergies across the artiste and influencer management and long-format video creation businesses of the two companies.
“The 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.
Pocket Aces, a digital content creator and publisher, has an IP catalog of over 3,000 content pieces ranging across web series, sketches, music videos and reels on its channels.
Edited by Affirunisa Kankudti
