Bollywood, enduringly defined by family‑run banner houses and personality‑led studio systems, is undergoing a re-configuration. The past couple of years have been a witness to some of the industry’s most established production houses foraying major corporate investments or partial stake sales, signalling a shift away from the old guard of independent, creatively controlled studios toward a more corporatized, professionally financed entertainment ecosystem.
This isn’t merely about money , it’s about how films are financed, owned, marketed and monetised in a rapidly evolving media landscape where OTT, platform economics, intellectual property rights, and global content strategies are reshaping priorities.
- Dharma Productions , 50% Stake sold to Adar Poonawalla (Rs 1,000 crore)
In October 2024, Bollywood’s most recognizable banner , Dharma Productions, led by filmmaker Karan Johar , sold a 50% stake to Serene Productions, the entertainment arm of industrialist Adar Poonawalla, in a transaction valued at
₹1,000 crore.This deal valued Dharma at around Rs 2,000 crore, with Johar retaining creative control as Executive Chairman.
Dharma’s legacy dates back to 1976, with classics and box office draws making it a pillar of Hindi cinema having made films like Agneepath, Kuch Kuch Hota Hai, Kabhi Khushi Kabhie Ghum, Kal Ho Naa Ho and most recently India’s official entry to Oscars this year Homebound.
The ₹1,000 crore capital infusion gives the studio financial firepower to compete in content quality, film slates, and platform partnerships at a time when production costs and distribution strategies are evolving.
The strategic partnership also reflects the broader need for production houses to bring in external capital , aiming for scale beyond traditional financing models.
*Excel Entertainment , 30% Stake sold to Universal Music Group (Valued at Rs 720 crore In January 2026, the India unit of Universal Music Group (UMG) , the world’s largest music label , acquired a 30% stake in Excel Entertainment, the production house co‑founded by Farhan Akhtar and Ritesh Sidhwani, at an enterprise valuation of Rs 2,400 crore. Talking about the investment Farhan said , “At the heart of this collaboration is a shared belief in the power of music and storytelling. As Indian stories continue to resonate with audiences globally, Universal Music Group and Excel Entertainment come together in a truly creative and transformative alliance, one that unlocks fresh opportunities for artists and repertoire across music, film and emerging formats as India readies to carry its narratives to the world.”
A 30% equity stake implies an investment of roughly ₹720 crore
Universal gets global distribution rights for all future original soundtracks created for projects owned or controlled by Excel Entertainment.
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Universal will also launch a dedicated Excel music label
Why it matters:
This is one of the largest content‑financing deals in the Indian film ecosystem, and represents a global entertainment giant investing directly into Bollywood production.
It reflects how studios are being valued not just for box office earnings, but for their IP libraries, soundtrack rights, audience reach, and multiplatform monetisation potential.
- Maddock Films , 50% Stake sold to Nepean Capital (2022)
Earlier, in early 2022, Nepean Capital, a Mumbai‑based private equity firm, acquired a 50% stake in Maddock Films, the banner founded by producer Dinesh Vijan that has delivered standout hits like Stree, Hindi Medium, Mimi, and others.
The companies never disclosed the monetary value of the deal publicly, but the structure , a half‑share sold to investment capital , put Maddock squarely on the map as a content brand backed by professional financial investors rather than solely by filmmaker passion or individual equity. Why it matters:
Maddock was among the first to bring significant private equity into Bollywood production, setting an early template for later deals.
Instead of selling to a corporate conglomerate, Maddock’s partnership with Nepean helped the company scale content, diversify into digital, and professionalise operations , a model now being mirrored elsewhere.
- Bhansali Productions , Stake Investment by Saregama (₹325 crore)
In late 2025, celebrated director Sanjay Leela Bhansali’s production house entered into a strategic partnership with Saregama India, a leading entertainment and music company of the RPSG Group, through a ₹325 crore investment in compulsory convertible preference shares (CCPS).
Once converted, Saregama is expected to hold a significant minority stake (28%–49.9%), with the option to increase up to 51% by 2030.
Saregama also acquires exclusive rights to all future music from Bhansali Productions’ films , a valuable asset .
Bhansali retains creative control over film production, while the deal strengthens financing and content monetisation channels.
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This represents another model of incremental corporate participation , a convertible‑stake deal that gives the investor flexibility to scale ownership over time.
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Why this shift?. According to trade expert Taran Adarsh when the funds are coming in, you are only going to think bigger and expand your horizon.And by expanding horizon, he never meant just films or feature or web series, but exploring new opportunities in cinema and possibly even beyond India and also beyond the stereotype. Such collaboration gives you the push and the financial strength to actually go beyond and explore.I think that’s a very good thing.”
Adding such tie-ups will also help in running the business in a very structured manner and it will also bring in more transparency in the business.And one might see collaborations between the new entities that are formed.”
- Content Costs and Competition
Film production , especially for theatrical and global streaming , has emerged exponentially more expensive. Platforms like Netflix, Amazon Prime, and Disney+ want premium content with consistent delivery, and financing such projects requires funds beyond what traditional studios could muster. Corporate or institutional equity injections help bridge this gap. - Intellectual Property (IP) Is the New Revenue Engine
Music rights
Streaming and licensing deals
Franchise development (sequels, character universes)
OTT series adaptations
These revenue streams are best optimised when backed by corporate entities with distribution networks and monetisation experience. Investors recognise this, and are aggressively pursuing stakes in studios that own or can build strong IP portfolios.
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- Professionalization and Scalability
Bollywood’s traditional studio model was founder‑led and often informal in governance. Private equity and corporate partnerships introduce:
Structured boards
Strategic planning
Revenue optimisation framework
This is part of professionalising the industry, aligning it with global entertainment markets and scaling beyond single‑film cycles.
But the trajectory is clear: Bollywood is no longer dominated solely by traditional, legacy production houses operating on personal equity and industry relationships. It is evolving into a corporate content ecosystem, powered by financial institutions, global entertainment companies, and structured partnerships that blend creativity with capital.
News Edit KV Raman