Prime Focus Eyes Digital Domain Buy
Prime Focus World is contemplating a bid for Digital Domain Media Group, according to a report from Reuters citing an unnamed source.
DDMG, which filed for chapter 11 bankruptcy protection on Tuesday, said in a statement it agreed to sell most of its assets to private equity firm Searchlight Capital Partners "subject to the receipt of higher and better offers and court approval."
With offices in Mumbai, London and Los Angeles, Prime Focus recently delivered more than 650 VFX shots for the Lionsgate sci-fi action thriller Dredd 3D, to be released September 21, and completed the 3D conversion for Disney’s Frankenweenie, the Tim Burton-directed stop-motion animated film slated for release on October 5.
Prime Focus built its company through acquisitions in the past, and in 2007 purchased Post Logic Studios to expand to Los Angeles. In May, it named Massoud Entekhabi, a founder of venture firm Zenith Equity Partners, as its chief financial officer.
The two companies settled a patent suit earlier this year, with DDMG agreeing to license its 3D conversion technology to Prime Focus. Under the agreement DDMG and Prime Focus “will collaborate on visual effects and 2D-to-3D conversion services work for feature films.”