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Saregama to acquire majority stake in Pocket Aces for ₹174 crore

Sep 29, 2023

By: BlinkX Research Team

Saregama, the oldest music label in the nation and a subsidiary of the RP-Sanjiv Goenka Group, stated on Thursday that it has paid Rs 174 crore in cash for the majority (51.8%) of the shares of Pocket Aces Pictures, a youth-oriented digital content producer and publisher.

In addition, over the next 15 months, the more than 100-year-old Saregama, formerly known as The Gramophone Company of India, will purchase an additional 41% of the quickly expanding digital entertainment company, according to a statement released by RPG Group. The transaction was completed in all cash, the statement added.

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.”

Pokcet Acers owns direct relationship with over 95 million younger digital-first customers across Instagram, Youtube, etc and boasts of an IP catalogue of over 3,000 content pieces ranging across web series, sketches, music videos and reels on its channels Filtercopy, Nutshell and Gobble, and releases over 30 new pieces of content every day.