US firm buys 50% stake in Mahesh Bhupathi's venture

MUMBAI: Globosport, the sports and entertainment company owned by Tennis star Mahesh Bhupathi, has divested 50 per cent stake in its brand-advisory business vertical to American talent management major Platinum Rye Entertainment.

The partnership will also give Platinum Rye Entertainment a presence in the growing Indian celebrity endorsement market which is pegged at Rs 10 billion.

The financial details of the deal were not disclosed.

"Platinum Rye Entertainment has acquired 50 per cent stake in the brand advisory vertical of Globosport. We have also become their worldwide partners that will open up new opportunities and diversify our offering," Globosport CEO Kavita Bhupathi Chaddha said.

The company operates in three verticals celebrity partnerships, which involves advising clients on working with celebrities, brand integrations and content creation across media platforms. The brands advisory business contributes almost 35 per cent of the company?s revenue.

"It?s a logical step, as this deal will give us a foothold in the international market and we will have access to talent managed by Platinum. They have also identified India as a key market and this deal gives them a presence in Indian market," she adds.