A joint venture of Reliance MediaWorks (USA) Inc. and Galloping Horse America LLC has acquired the visual effects business, Mothership Media, and certain other businesses and assets of Digital Domain Production Inc. and its subsidiaries for $30.2 million through an auction in New York, Digital Domain Media Group said in a statement.
The sale is subject to execution of an asset purchase agreement, and approval of the bankruptcy court in the U.S..
Beijing-based Galloping Horse and Reliance MediaWorks joint venture will acquire all assets comprising the businesses of Digital Domain and Mothership , Digital Domain said.
Digital Domain was founded in 1993 by James Cameron with Stan Winston and Scott Ross.
“We are looking forward to working with Digital Domain employees and customers to make the operation better and stronger,” said Mr. Venkatesh Roddam, CEO, Film and Media Services, Reliance MediaWorks.
Galloping Horse America holds 70 per cent stake with Reliance MediaWorks holding 30 per cent in the Digital Domain joint venture. Reliance MediaWorks’ shares surged on the BSE, and closed with a gain of 12.85 per cent at Rs. 77.30.
Reliance MediaWorks (RMW) said it has divested 100 per cent stake in its Malaysia exhibition circuit to private equity fund Navis as part of effort to focus on Indian business.
“As part of the ongoing strategic reorganisation, and to bring greater focus to high growth potential exhibition business in India, RMW has divested 100 per cent stake of BIG Cinemas’ exhibition circuit in Malaysia to MGO NAF VI Cinematic Holdings Ltd (Navis),” RMW said in a filing to the BSE.
No financial details of the transaction were disclosed.