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China-India venture to buy digital studio
Source: Agencies |
September 25, 2012, Tuesday
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Print Edition
Print Edition
THE bankrupt digital production company founded by director James Cameron will be sold to a joint venture formed between a Chinese media company and an Indian counterpart for US$30.2 million.
A US subsidiary of Beijing Galloping Horse Film & TV Co and Mumbai-based Reliance MediaWorks teamed up to outbid other companies in a bankruptcy court auction on Friday. The deal was announced by the companies on Sunday night.
"Digital Domain is a legend in the industry, known for its world-class quality of work and creative talent," Ivy Zhong, vice chairman and managing director of Beijing Galloping Horse Film, said in a statement. Galloping Horse will own 70 percent of the joint venue, with Reliance owning the other 30 percent.
Digital Domain, best known for its work on Cameron's "Titanic," has produced visual effects for more than 90 movies, including "Pirates of the Caribbean: At World's End" and the "Transformers" series.
But it defaulted on a series of loans and earlier this month said it would lay off about 280 workers and close its Florida facility. CEO John Textor, also the company's second-largest shareholder, resigned, protesting the decision.
The joint venture, known as Galloping Horse_Reliance, will acquire all assets of Digital Domain including its feature film and advertising visual effects, commercial production and "virtual humans," in addition to studios in California and Vancouver, Canada.
A US subsidiary of Beijing Galloping Horse Film & TV Co and Mumbai-based Reliance MediaWorks teamed up to outbid other companies in a bankruptcy court auction on Friday. The deal was announced by the companies on Sunday night.
"Digital Domain is a legend in the industry, known for its world-class quality of work and creative talent," Ivy Zhong, vice chairman and managing director of Beijing Galloping Horse Film, said in a statement. Galloping Horse will own 70 percent of the joint venue, with Reliance owning the other 30 percent.
Digital Domain, best known for its work on Cameron's "Titanic," has produced visual effects for more than 90 movies, including "Pirates of the Caribbean: At World's End" and the "Transformers" series.
But it defaulted on a series of loans and earlier this month said it would lay off about 280 workers and close its Florida facility. CEO John Textor, also the company's second-largest shareholder, resigned, protesting the decision.
The joint venture, known as Galloping Horse_Reliance, will acquire all assets of Digital Domain including its feature film and advertising visual effects, commercial production and "virtual humans," in addition to studios in California and Vancouver, Canada.
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