Technicolor, the well-known tech and visual effects company, said Thursday it will sell part of its post-production operation to Streamland Media in Los Angeles for nearly $ 36.5 million.
The sale of Technicolor Post, which provides sound and color finishing services, is expected to close in the first half of the year.
Streamland supports movies, as well as episodic and interactive entertainment, through its businesses such as Picture Shop, Formosa Group, Ghost VFX, Picture Head, Farm Group and Final Post. These companies provide services such as image and sound finishing, visual effects, and marketing.
The addition of Technicolor Posts technologies and worldwide locations to Streamland will allow us to partner even more with all of our customers, said Bill Romeo, Managing Director of Streamland Media, in a statement.
Streamland said it expects all Technicolor Posts employees to join its business after the acquisition and no disruption to services provided to Technicolor Posts customers.
The sale follows consolidation in the entertainment industry, which struggled during the pandemic as many Hollywood productions were suspended or delayed. Technicolors’ production revenue fell 53.7% to $ 111, or nearly $ 135 million in the third quarter from a year ago, according to its income report.
The company, which has a large Hollywood operation, is owned by the French electronics and media conglomerate formerly known as Thomson.
Once one of the world’s largest suppliers of film prints, Technicolor has also been constrained over the past decade by Hollywood’s rapid march towards digital technology, closing film labs in Glendale, London and Montreal.
Last year, the company filed a Chapter 15 claim in U.S. bankruptcy court. These deposits allow foreign companies to protect US assets from creditors during their reorganization.
The strategic sale of Technicolor Post is part of our long-term vision for Technicolor Production Services to focus on visual effects and animation for the entertainment industry, as well as creative services and technologies for the advertising industry, that deliver maximum value to our customers, Technicolor CEO Richard Moat said in a statement.
Moat said Technicolor will focus on these areas through its studios The Mill, MPC, Mr. X and Mikros Animation, which specializes in computer animation.
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