Reliance Media buys into Digital Domain
The "winning bid" was submitted with Galloping Horse, a leading firm in China engaged in film and TV financing, production, distribution, advertising and publishing, Reliance MediaWorks said in a statement today.
Digital Domain Media, which has churned out blockbusters such as 'Titanic' and 'Avatar', had filed for bankruptcy protection on September 11.
The sale is subject to execution of an asset purchase agreement and bankruptcy court approval in the US, the hearing for which is scheduled for today.
"A joint venture, led by Galloping Horse America, LLC in partnership with Reliance MediaWorks has submitted the winning bid to acquire the visual effects, Mothership Media and certain other businesses and assets of Digital Domain and subsidiaries for USD 30.2 million at a September 21, 2012 auction in New York," the RMW statement said.
While RMW, part of Anil Ambani group, will hold 30 per cent stake, the majority would remain with Galloping Horse in the Digital Domain joint venture.
The two companies will acquire all assets constituting the businesses of Digital Domain in feature films, advertising, visual effects, commercial production, studios in the US and Canada and a co-production stake in the feature film "Ender's Game", the statement said.
The businesses will continue to operate in the normal course, with the joint venture assuming ownership upon court approval, it added.
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