Following detailed discussions with various interested parties over the last five months, Take-Two Software's board of directors has determined that it is in the best interests of stockholders to conclude its review of strategic alternatives and to continue operating and building Take-Two as an independent company.
Walden Media and Fox Filmed Ent. are restructuring and streamlining the companies' Fox Walden joint venture to consolidate Fox film marketing resources. The two companies will partner on the upcoming films TOOTH FAIRY and RAMONA, but VARIETY reported that about a dozen Fox Walden staffers will be laid off.
Marvin Gleicher, co-founder and former CEO of Worldwide Operations for Manga Ent., has launched Marvin Media to develop, produce and license animated films to the international marketplace.
Gleicher joins Japanese animation director Keiichi Sato (KARAS, WOLF’S RAIN, THE BIG-O, GIANT ROBO), screenwriter: Manabu Ishikawa (FULL METAL ALCHEMIST, MO NO NO KE), Hisashi Oguchi (Bells & Whistles/ Tokyo) as producer for FLOATING MOON, an original environmentally-aware sci-fi feature based on Paul Kanter's story, due early 2010.
Co-Founder/EP Saffron Case and Co-Founder/Director Mikon van Gastel of New York-based production house A Very Small Office (AVSO) have opened design and animation company Offspring. Case and van Gastel, who have spent many years with both the Los Angeles and New York offices of Imaginary Forces are taking their vision and years of design-based production experience into a new realm.
DHX Media has entered into an agreement to combine its business operations with those of Entertainment One Limited. The deal has been recommended unanimously by the boards of directors of both DHX and E1 and values the total issued share capital of DHX at approximately $68 million Canadian representing $1.59 Canadian per share. The combined company will be listed on both AIM and the Toronto Stock Exchange.
The estate of THE LORD OF THE RINGS author J.R.R. Tolkien lost a round in its ongoing dispute with New Line Cinema, per VARIETY (via THE ASSOCIATED PRESS). A judge has barred the estate from seeking punitive damages against the studio who brought the highly-profitable trilogy to the big screen.
Tolkien's heirs content that New Line did not pay them any royalties from the estimated $6 billion the films have grossed worldwide. The lawsuit seeks more than $150 million in compensatory damages based on breach of contract, fraud and other claims.
The Visual Effects Society (VES) has welcomed Australia on board as an official section to the society that represents more than 1,700 visual effects and computer graphics professionals internationally.
Australia joins San Francisco, London and Vancouver to become the fourth VES section, cementing its status as a significant hub of business and professional excellence in visual effects, computer graphics and digital production for the entertainment industry.
Relativity Media and Universal Pictures recently extended and expanded their co-finance partnership through 2015, which will cover the majority of Universal's slate up until that time. Building on their already-established equity partnership, which has funded recent films such as MAMMA MIA!, THE MUMMY: TOMB OF THE DRAGON EMPEROR, and HELLBOY II: THE GOLDEN ARMY, the expanded partnership is expected to fund 10-15 films per year and will provide billions of dollars of financing during the term.
Most U.K. companies looking to open a new office away from the din, pollution and brutal cost of living entailed by London might turn to a nice piece of greenbelt real estate, or perhaps one of the nearby provincial towns. Framestore, on the other hand, went to Iceland.
Computer Animation Studios of Ontario Association (CASO) President Neil Williamson announced the results of the first animation and vfx industry survey Thursday night at a reception held during the Ottawa International Animation Festival.
DreamWorks and Indian media company Reliance have completed their deal to create a $1.2 billion stand-alone studio, reports the WALL STREET JOURNAL.
According to insiders, DreamWorks co-founder Steven Spielberg and DreamWorks CEO Stacey Snider can now leave Paramount Pictures to start their own film company. In the signed agreement, Reliance ADA Group, based in Mumbai, will invest $500 million equity and another $700 million in debt through J.P. Morgan Chase & Co. The venture is expected to produce a slate of around six films per year.
THE NEW YORK TIMES reports that graphic chip maker NVIDIA will lay off about 6.5 percent of their employees, or close to 360 people.
Spokesman Hector Marinez told the TIMES the layoffs will hit all of NVIDIA's global offices and departments and should be complete by October. NVIDIA has plans to take a $7 million to $10 million charge in its third quarter to cover the restructuring.
The owner of the El Capitan Theatre in Hollywood has put the historic building up for sale for $31 million, per THE ASSOCIATED PRESS (via VARIETY).
Disney restored the theater, originally built in 1926 for stage productions, in 1991, and will remain the long-term tenant. Disney showcases one children's film release at a time, with pre-show entertainment.
Owner CUNA Mutual Group, a financial services company, is based in Wisconsin and got the building in 1994 when the previous owner walked away after the Northridge Earthquake.
Six months later, Electronic Arts has ended its drive to buy Take-Two Interactive, per VARIETY. EA had been in private talks with Take-Two, but declined to make a new offer. It previously had made a $2 billion offer, which was repeatedly turned down by Take-Two execs and later their shareholders.
When asked Sunday why a deal wasn't reached, Take-Two exec chairman Strauss Zelnick said, "They made their tender offer numerous times while we have continued to beat our guidance and put out hit games, so you can draw your own conclusions."
New filmmaking studio Framelight Productions is looking to add to the volume of comic book and graphic novel film adaptations, per THE HOLLYWOOD REPORTER.
Launched by producer Jeffrey Erb and entrepreneur Robert Robinson Jr., they have options on properties including Marvel Comics' DR. DETH WITH KIP AND MUFFY from G.I. JOE author Larry Hama. Framelight has plans to make six to eight films in the next five years, all within the $20 to $80 million range.
Activision Publishing has acquired FreeStyleGames, a U.K.-based video game developer specializing in music-based games.
This acquisition represents the latest step in Activision Publishing's strategy to expand its global leadership position in the music-based genre. The company established the genre with the GUITAR HERO franchise, which has sold more than 22 million units worldwide. FreeStyleGames is currently developing localized downloadable content for the GUITAR HERO franchise, as well as a yet to be announced new, intellectual property in the music genre.
At a meeting in London on Wednesday, Disney President and CEO Bob Iger expressed interest in making further acquisitions in the U.K., per VARIETY.
BabyFirst has formed BFTV Productions, an in-house unit established to produce original television programming expressly for the preschool market.
Now reaching 100 million home worldwide, BabyFirst is a commercial-free 24/7 channel designed for babies and toddlers and their parents. Arik Kerman, SVP of Programming for BabyFirst and the executive responsible the channel's programming, will serve as General Manager of BFTV Productions. Programming produced by BFTV Productions will be offered to preschool broadcasters worldwide.
HARRY POTTER author J.K. Rowling has won a copyright infringement lawsuit against a fan and Web site operator who wanted to publish a HARRY POTTER encyclopedia, per the ASSOCIATED PRESS (via THE HOLLYWOOD REPORTER).
U.S. District Judge Robert P. Patterson ruled in Rowling's favor on Monday, saying the author had proven Steven Vander Ark's HARRY POTTER LEXICON would cause her "irreparable harm" as a writer. Patterson permanently blocked publication of the reference guide and awarded Rowling and Warner Bros. Ent. $6,750 in statutory damages.
Activision Blizzard, Inc. announced today that its two-for-one stock split is effective and its common stock will begin trading today on a split-adjusted basis. As a result of the stock split, there are approximately 1.3 billion shares of Activision Blizzard's common stock issued and outstanding.
Activision Blizzard maintains operations in the U.S., Canada, the United Kingdom, France, Germany, Ireland, Italy, Sweden, Spain, Norway, Denmark, the Netherlands, Romania, Australia, Chile, India, Japan China, South Korea and the region of Taiwan.
One of the most buzzworthy deals of the year has yet to close -- Indian media company Reliance Ent. still intends to invest $500 million in DreamWorks, but obstacles over small banking details are holding it up, per VARIETY. The deal was supposed to close several weeks ago, but now is weeks away from closing.
The basic deal is intact, insiders say, but the intricate banking details are causing a roadblock, causing problems for both Paramount and DreamWorks' staff as well as the other majors.
Take-Two Interactive Software reported a stellar third fiscal quarter Thursday, more than double their net revenue from the same period last year.
Net revenue for the third fiscal quarter (ended July 31) was $433.8 million, compared to $206.4 million for the same quarter of fiscal 2007. Third quarter sales were led by the blockbuster GRAND THEFT AUTO IV, as well as TOP SPIN 3 and SID MEIER’S CIVILIZATION REVOLUTION.
It's official, Escape Studios is now open for business in the heart of the Big Apple. Founder Dominic Davenport said, "This has been a long-standing ambition of ours -- we are delighted to be able to offer our CG expertise across America."
Robin Shenfield, CEO of post production house The Mill added, "Escape trainees are in a class of their own and well equipped to enter the working environment. We're looking forward to meeting more of them with the opening of Escape in the U.S."
Imagi International Holdings announced agreement on terms for the placement of approximately $10 million in new shares to a wholly-owned subsidiary of Shui On Holdings Limited.
Under the terms of the transaction, approximately 90,600,000 new shares will be acquired, priced at HKD $0.86 per share. The subscription shares will represent an approximate 7.56 percent ownership stake in Imagi International Holdings Limited as enlarged by the placing shares.
The investment is expected to be completed later this month, once regulatory procedures have been completed.
Rushes, in partnership with Itch Film, will soon reopen their fully equipped, newly refurbished and re-branded studio. This new venture will combine a state of the art studio space with Rushes' long-standing knowledge of pack shots and motion control studio shoots.
Itch Film is a boutique production company, founded by Charlie Paul, an experienced food shoot specialist.
The studio has undergone a complete transformation, with a larger stage area and a stylish, contemporary client area, WiFi Internet access and a roof terrace.