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Uday Shankar, James Murdoch to raise $345 million through SPAC

The company Seven Island Inc, will raise funds through an IPO using the blank check vehicle.

May 13, 2021 / 02:46 PM IST
Uday Shankar, former president of The Walt Disney Company Asia Pacific and chairman, Star and Disney India

Uday Shankar, former president of The Walt Disney Company Asia Pacific and chairman, Star and Disney India

Uday Shankar, former president of The Walt Disney Company Asia Pacific and chairman, Star and Disney India aim to raise $345 million through special purpose acquisition company (SPAC) for his new media and tech venture, along with James Murdoch, former chief executive of 21st Century Fox Inc, said a report by an American website Deadline.

The company Seven Island Inc, will raise funds through an IPO using the blank check vehicle. Other executives in the company, besides Shankar and Murdoch, includes partners at Murdoch’s Lupa Systems, such as general counsel Jeff Palker. National Geographic chairman Gary Knell will serve as a director, the report added.

“While our efforts to identify a prospective target business will not necessarily be limited to a particular industry, sector or region, we intend to capitalize on our expertise in the media, entertainment, consumer technology, healthcare, and education industries in Southeast and South Asia, with a particular focus on India," Deadline quoted the company's prospectus.

"Our acquisition and value creation strategy is to identify, acquire and, after our initial business combination, fundamentally enhance the value of a company in the public markets."

James Murdoch is the son of media mogul Rupert Murdoch and had resigned from News Corp board last year due to "certain editorial content published by the Company’s news outlets and certain other strategic decisions,” he had said at the time.

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Announcing the venture in January, Murdoch had said that the company is planning to explore “new opportunities for innovation” in India, where mobile data is cheap and across South Asia.
Moneycontrol News
first published: May 13, 2021 02:46 pm

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