Uncomfirmed reports from the US claim that Digital Domain, which filed for bankrutcy protection earlier this month, is believed to have been jointly acquired by a Chinese/Indian team consisting of China’s Galloping Horse and India’s Reliance.
Although DD has not yet confirmed the news, a tweet from former DD boss Scott Ross claimed yesterday that the sale price was $30.2 million. Galloping Horse acquired 75% of the company, Reliance the remaining 25%.
The sale is believed to include DD’s Los Angeles and Vancouver vfx operations – as yet no details have emerged regarding the firms recently opened twofour54 venture.
Galloping Horse and Reliance both had existing partnerships with DD – In July 2011 a DD/Reliance pact put DD’s visual effects facilities inside Reliance’s offices in London and Mumbai, giving DD the capacity for a round-the-clock global pipeline. The joint offices also worked on 2D-to-3D conversion.
Partnership’s between Hollywood and companies in India or China are nothing new, however this is the first time a major Hollywood vfx company has been under Indian or Chinese ownership.
