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Universal Music acquires stake in Farhan Akhtar, Ritesh Sidhwani's Excel
Farhan Akhtar and Ritesh Sidhwani's Excel Entertainment has joined hands with Hollywood giant Universal Music Group (International). The international conglomerate has acquired a minority stake in Excel, according to information received by HT. According to sources, talks between the two companies have been ongoing for months.
The new partnership would help Universal strengthen its presence in the Indian film market. It also allows Excel to expand the scale of its productions, with several big ideas already in the pipeline.
Notably, the new partnership will be formally announced soon at a press conference, where Maharashtra Chief Minister Devendra Fadnavis will also be present. Both parties refer to the collaboration as being in alignment with Prime Minister Narendra Modi's vision to create Indian content for global audiences.
The alliance will elevate Excel Entertainment's standing in the industry, making it one of the most valued production houses in India. Ritesh Sidhwani and Farhan Akhtar will continue to retain full creative control and a majority equity stake.
Excel Entertainment began its journey 25 years ago with Dil Chahta Hai, which also marked Farhan's debut as a director. Since then, Excel has delivered several big hits, including the Don franchise, Zindagi Na Milegi Dobara, Gully Boy, and the Fukrey series. Over the last decade, Excel has successfully ventured into the OTT space with popular shows like Mirzapur, Made in Heaven, and Dahaad.
Universal Music Group, abbreviated as UMG, is a multinational entertainment conglomerate headquartered in California, with its corporate offices in the Netherlands. With an operational revenue of $11 billion in 2023, it is one of the world's biggest media corporations and is considered one of the "Big Three" record labels, along with Sony Music Entertainment and Warner Music Group.
Source: HindustanTimes
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