There were speculations in the media that Karan Johar is planning to sell his company Dharma Productions and finally today morning an official announcement was made by the Production house itself. Dharma Productions officials confirmed on their social media handles that Karan Johar is selling the 50% stake of Dharma Productions for 1000 Crores.
From the past few weeks, the news was in the rounds that Saregama or Jio Studios may buy the stake or the whole company but Adar Poonawala came out of nowhere and he purchased 50% of Dharma Productions and OTT house Dharmatic Entertainment for 1000 Crores and the company will be called as Serene Productions.
The last few films and content produced by Dharma and Dhamatic didn’t go as planned by Karan Johar and many are speculating that this is the reason behind this deal. While some of the insiders said that Karan Johar is concerned about the future of the Production house and since there is no one to look after the company as of now, he takes this bold decision.
As per the statement released by Dharma, Karan Johar will be still acting as the Executive Chairman Apoorva Mehta will continue as CEO of the company and Poonawala will give backend support to the company. It was a surprise move by Poonawala as no one as expected him to buy a stake in the company as he is not from this industry.
The last film from Dharma Productions was Jigra which failed badly at the box office and now all eyes are on the upcoming films from this venture. Brahmastra has some potential to do the magic on the big screens. If we look at the past track records of the films produced by Dharma we get to see box office failures like Yodha, Mr and Mrs Mahi, Selfiee, Bad News and disastrous Liger.
Dharmatic Entertainment which was created to produce OTT content also failed badly and shows like ‘The Tribe’, ‘The Showtime’, ‘Call Me Bae’ and others were rejected by the audiences.
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