Chinese and Indian companies partner to buy bankrupt Digital Domain
Digital Domain filed for bankruptcy protection earlier this month after defaulting on loans, before selling for $30.2 million.
Production companies in China and India have joined forces to buy the America visual effects studio Digital Domain – originally founded by James Cameron – which announced itself as bankrupt earlier this month.
A US subsidiary of the Beijing-based Galloping Horse and India’s Reliance MediaWorks (RMW) – a division of Mumbai-based Reliance ADA Group - outbid other companies to buy Digital Domain for $30.2m in a court auction late last week.
Originally founded in 1993 by director James Cameron, Digital Domain filed for Chapter 11 bankruptcy protection earlier this month after defaulting on a series of loans.
Majority partners Galloping Horse owns 70 per cent of Digital Domain, with RMW owning the remaining 30 per cent. Both companies had already established relationships with Digital Domain earlier this year.
The company’s now own all of Digital Domain’s assets - including studios in Los Angeles and Vancouver and a co-production stake in feature film Ender’s Game, which is currently in development.
Digital Domain CEO Ed Ulbrich said: “This is a great day for Digital Domain.
“Our new partners have incredible strength and reach in the global entertainment marketplace. They are powerful strategic partners that understand our business and our clients’ business.”
Managing director of Beijing Galloping Horse Ivy Zhong said: “Digital Domain is a legend in the industry, known for its world-class quality of work and creative talent. We are thrilled to have found a partner in Reliance MediaWorks that is as committed as we are to ensuring Digital Domain’s continued excellence and success.”
RMW’s CEO of film & media services Venkatesh Roddam said: “We’ve had a wonderful working relationship with Digital Domain over the years and we could not be happier to take it further through the joint Galloping Horse – Reliance acquisition.”