Reliance MediaWorks, Reliance Group’s media and entertainment arm, has sold about 10% stake in Prime Focus for Rs 151 crore to Standard Chartered Private Equity (SCPE), reports Livemint. SCPE, which owned 12.23% before the transaction now owns 21.97%, while Reliance MediaWorks now owns 44.86%. Sale of Big Cinemas In December last year, the Anil Ambani owned company sold its chain of multiplexes Big Cinemas with over 250 screens to Carnival Cinemas. While the exact value of the deal was not disclosed, the company said that this deal would reduce Reliance Capital’s debt by about Rs 700 crore. Reliance MediaWorks would also have the option of acquiring a pre-IPO minority stake in Carnival Cinemas at a discounted price, upon eventual listing of the company. This deal did not include Reliance MediaWorks owned IMAX Wadala and other properties. Merging with Prime Focus…
