International Media Acquisition Corp.

International Media Acquisition Corp.

Sarkar established International Media Acquisition Corp. (IMAC) by pricing its initial public offering at $200 million in late July 2021, listing on the Nasdaq under the symbol IMAQU. The vehicle emerged from Sarkar's two decades inside Indian film and media finance, where he oversaw production and distribution strategies across more than 100 Bollywood titles and managed Reliance Entertainment's co-production relationships with Steven Spielberg's DreamWorks and other Hollywood studios. IMAC's stated mandate targets media and entertainment businesses across India and the broader Asia-Pacific corridor. The trust size implies deal capacity of $600 million to $800 million in enterprise value after accounting for the sponsor promote, public float, and any additional PIPE commitments. Sectors named in the S-1 registration statement include film production, streaming platforms, gaming, digital content studios, music rights, animation, visual effects, and live events — essentially the full stack of an integrated media company. The filing specifically names India, Southeast Asia, Japan, Korea, and China as geographic hunting grounds, though execution risk concentrates on Indian-language content and diaspora audiences where Sarkar's Rolodex is densest. Structurally, IMAC adheres to the standard SPAC architecture of its vintage: 24-month deployment window with possible three-month extension, founder shares converting at the consummation of a business combination, and a sponsor entity — IMAC Sponsor LLC — holding 20% of post-combination equity. The sponsor group includes former Disney India and Viacom18 executives. IMAC has not disclosed team headcount beyond the C-suite. Sarkar serves as Chairman and CEO; Sanjay Wadhwa, previously CFO of Shemaroo Entertainment, holds the controller role; and the board includes Deepak Nayyar, the former Goldman Sachs TMT banker who structured several major Indian media exits. In July 2023, the sponsor extended the business combination deadline by three months, then filed a subsequent extension in October 2023, signaling that a definitive agreement remained under negotiation. What distinguishes IMAC from the broader SPAC field is its sponsor's operator DNA rather than purely financial engineering. Sarkar is not an institutional investor — he produced, marketed, and distributed content at scale. That operating background signals a post-acquisition intention to manage rather than simply rename the target, though any transaction's economics will be dictated by trust redemptions, a variable that has diluted most SPAC combinations since 2022.