'My friend Karan Johar we hope...' Adar Poonawala on acquiring 50% stake in Dharma Productions [Read statement]

Karan Johar's Dharma Productions is reportedly going through a rough patch. After the debacle of Kill starring Lakshya Lalwani and Raghav, the film is garnering headlines for its recent Jigra controversy, wherein T-series head honcho Bhushan Kumar's wife, Divya Khosla Kumar has accused the makers of Jigra of copying Savi, which was released earlier this year. Karan has shared multiple cryptic posts on over Jigra controversy, but the film has fallen flat and movie-goers have dubbed it a flop.

Amid the recent Jigra fiasco, Adar Poonawalla, the CEO of the Serum Institute of India, has announced an investment in Karan Johar's Dharma Productions and Dharmatic Entertainment through Serene Production. Serum Institute of India's CEO, Aadar Poonawalla is going to make a deal with Karan Johar, acquiring a 50% stake in his company, Dharma Productions for Rs 1000 crore.

'My friend Karan Johar we hope...' Adar Poonawala on acquiring 50% stake in Dharma Productions

This deal will benefit Dharma Productions' evaluation to Rs 2000 crore, which will help Karan Johar cater to a much bigger audience across all platforms.

Karan Johar, who has been at the helm of Dharma Productions for years, will continue in his role as Executive Chairman. Apoorva Mehta will also stay on as Chief Executive Officer, ensuring continuity in the company's leadership.

Taking the announcement to X, Dharma Productions, wrote, "Adar Poonawalla-led Serene Productions today announced that it has entered into a binding agreement to invest INR 1,000 crore into Karan Johar's Dharma Productions and Dharmatic Entertainment (collectively, 'Dharma'), India's leading production house. Through this investment, Serene Productions will hold a 50% stake in Dharma, with Karan Johar retaining the remaining 50% ownership.

Expressing his excitement about the partnership, Adar Poonawalla said, "I am delighted to have the opportunity to partner with one of the most iconic production houses in our nation, along with my friend Karan Johar. We hope to build and grow Dharma and scale even greater heights in the years to come."

Commenting on the partnership, Karan Johar, Executive Chairman of Dharma, stated, "From its inception, Dharma Productions has been synonymous with heartfelt storytelling that captures the essence of Indian culture. My father dreamed of creating films that would leave a lasting impact, and I've dedicated my career to expanding that vision. Today, as we join forces with Adar, a close friend and an exceptional visionary and innovator, we're poised to elevate Dharma's legacy to new heights. This partnership represents a perfect blend of our emotional storytelling prowess and forward-thinking business strategies. It's about honouring our roots while embracing the future of global entertainment. Dharma's journey has been remarkable, and this collaboration opens up a world of possibilities for creating content that will resonate across borders and generations."

Days before Adar Poonawala acquired Dharma Productions stake, there were reports that Saregama would also invest in Dharma Productions.

Karan Johar stops pre-release screenings of Dharma's upcoming films

Meanwhile, Karan announced stopping the pre-release screenings for media. In a statement, he shared the reason for doing so.

"For years, rather decades, you have firmly stood by us at Dharma Productions, supporting our films, sharing our dreams, and celebrating our victories. Your faith in us has been a driving force throughout our journey, and we'd like to take this moment to extend our deepest and heartfelt gratitude to you all. Each coverage, review, and feedback has been invaluable to us, and they have undeniably helped us make our films reach audiences far and wide," read the note.

The statement further stated, "As we continue to evolve, we find ourselves at a juncture where we must adapt and innovate our approach. After much deliberation, we've unanimously decided to forgo pre-release screenings for our upcoming films. This decision has been difficult to make, however, we believe it's a necessary step in ensuring that every viewer, including our friends in the media, witness our stories as they were meant to be experienced. We believe it will help maintain the cinematic experience's excitement for all."

"Having said that, we understand the importance of timely reviews and the role they play in the success of our films. Therefore, we are pleased to announce that we will be hosting press screenings for each of our movies in the first half of the release day. We warmly welcome all media personnel to join us at these screenings, where you will be the first to witness our latest offerings (sic)," the note said.

Dharma Productions has a legacy spanning over four decades, Dharma Productions has been at the forefront of the Indian film industry, producing critically acclaimed and commercially successful films. The company is known for films including Kuch Kuch Hota Hai, Kabhi Khushi Kabhhie Gham, and more. Their last few movies were Kill, Bad Newz Rocky Aur Rani Ki Prem Kahani, and Brahmāstra: Part One – Shiva.