The Varga Group of Companies, which includes the Hungarian animation studio Varga Studio and UK-based VARGA tvc Ltd., will conduct business under a newly formed holding company, Varga Holdings. Varga Holdings reflects Vargas worldwide expansion in the production of high quality animation and replaces Eurotoon, the previous holding company for the two animation studios. Co-founder of Varga Studio, Andras Erkel, was named Chief Executive Officer of Varga Holdings while co-founder Csaba Varga has been named Group Creative Director. Varga was founded in 1989 and formed an alliance in 1997 with John Coates, founder of the British animation studio TV Cartoons (TVC), to form VARGA tvc. Ltd.