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There is a new positive development in the tale of Phantom Films. In October 2018, Phantom Films’ Anurag Kashyap, Vikas Bahl, Vikramaditya Motwane and Madhu Mantena decided to not work together anymore. Anurag had tweeted, “And all dreams come to an end. 
We did our best and we succeeded and we failed, but I know for sure we are all stronger and wiser and will continue to pursue our dreams in our own individual ways.” Now, Phantom Films has undergone a change in its shareholders. The shareholders are not entirely the same and the change sees the official exit of Kashyap, Motwane and Bahl from the company.
The shares of Kashyap, Motwane and Bahl, who otherwise would have continued to hold and enjoy a 12.5 per cent share each, have been bought by Madhu Mantena. So, hereafter, Phantom Films will be a JV (Joint Venture) between Madhu Mantena’s new company Mad Man Ventures and Reliance Entertainment, both parties holding 50 per cent. Earlier, it was a JV between Madhu-Kashyap-Motwane-Bahl (50 per cent) and Reliance Entertainment (50 per cent).
So, how did it all happen? A source says, “One thought it was all over for Phantom Films as a brand but Madhu had ideas to keep it alive. Madhu got in touch with Kashyap, Motwane and Bahl and expressed an interest to buy their stakes. The three of them agreed, the modalities were fast worked out, the dealing was implemented and completed amicably.”
Madhu Mantena has confirmed the same.
Established in 2013, Phantom Films produced many films- ‘Lootera’, ‘Queen’, ‘NH 10’, ‘Bombay Velvet’, ‘Shaandaar’, ‘Manmarziyaan’ amongst others. Reliance Entertainment picked up 50 per cent stakes in it in March 2015. After Kashyap, Motwane, Bahl and Mantena went separate ways two years ago, two projects of Phantom Films saw the light of day- ‘Super 30’, ‘Sacred Games’. One venture ’83 remains to be released. All three were set up and locked prior to the split.
