Technicolor strikes a deal for an undisclosed amount to acquire Toronto-based visual effects studio Mr. X.
Technicolor is striking a deal for an undisclosed amount to acquire Toronto-based VFX studio Mr. X, according to a report by Variety.
Mr. X will become Technicolor’s TV VFX brand. It will be a wholly-owned subsidiary of Technicolor and will be part of the company’s Production Services division, which already includes VFX studio Moving Picture Company.
Mr. X’s credits include History Channel’s Vikings, Showtime’s Penny Dreadful, and FX’s upcoming The Strain. Its feature credits include Guillermo del Toro’s upcoming Crimson Peak, RoboCop, Anchorman 2: The Legend Continues and 42.
MPC will remain Technicolor’s VFX brand for “leading projects,” while Mr. X will pursue “high-concept TV, production, genre features and international film co-productions,” according to Technicolor.
Mr. X has just completed its best year in terms of revenue, Dennis Berardi, co-founder and president of Mr. X, reportedly said. Berardi will remain with the company with the title global managing director of Mr. X, and will report to Tim Sarnoff, Technicolor’s president of production services.
Mr. X will remain separate from MPC. “Mr. X has proven to be a very successful brand over the last 14 years and we think it will continue to be a very successful brand in the future,” Sarnoff said, adding that there will be no job cuts at either Mr. X or Technicolor as a result of the acquisition although jobs may be added in Toronto.
MPC’s North American offices are in Los Angeles, Vancouver, Mexico City, Montreal and New York, with the New York office devoted to advertising. Mr. X’s two offices are in Toronto and New York; it has over 200 employees combined at those locations.
Mr. X is now owned by Berardi and by computer graphics and animation company Topix. Technicolor is buying out both owners completely. The deal must be approved by the Canadian government’s Department of Canadian Heritage before Mr. X can officially change hands.