Shibasish Sarkar, group chief executive officer at Anil Ambani-owned Reliance Entertainment, will step down from his role, aiming to raise $200 million for a new media and entertainment venture called International Media Acquisition Corp over the next few months, according to a filing with the US Securities and Exchange Commission that has been reviewed by Mint.

The new firm will look at acquiring media and entertainment companies that offer interesting opportunities in film, television, OTT (over-the-top) streaming, radio, music and podcast, animation, and gaming space across North America, Europe and Asia. It will target entities with an enterprise value of between $150 million and $500 million.

The company has made an initial public offering of its securities. Each unit that it is offering has a price of $10.00 and consists of one share of common stock and one redeemable warrant.

Sarkar declined to comment on the story.

“The covid-19 global pandemic will impact the M&E industry differently within various segments. Our management expects that there will be some strong businesses that may end up in special situations and may need capital and expertise to grow their business,” the SEC filing says.

Subject to specific clearances and market conditions in the US, Sarkar who would serve as CEO and chairman of the new company, will step down from Reliance Entertainment. As stated in its filing with the Securities and Exchange Commission, the firm has been sponsored by Content Creation Media LLC, a Delaware limited liability company, an entity affiliated to Sarkar.