Movies

Reliance MediaWorks wins joint bid for James Cameron's Digital Domain Media Group

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2017/10/05/james.jpg?itok=0sAPBATY

MUMBAI: Reliance MediaWorks (USA) has won a joint bid with China‘s Galloping Horse America to acquire James Cameron backed Digital Domain Media Group‘s Mothership Media and certain other businesses and assets of Digital Domain Productions, and subsidiaries for $30.2 million.

Galloping Horse America will hold 70 per cent stake while Reliance MediaWorks will have a 30 per cent stake in the Digital Domain joint venture. The sale is subject to execution of an asset purchase agreement and Bankruptcy Court approval, the hearing for which is scheduled for 24 September.

Searchlight Capital Partners had submitted a stalking horse bid for the Digital Domain and Mothership assets in the amount of $15 million.

DDMG filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware on 11 September.

Galloping Horse-Reliance will acquire all assets constituting the businesses of Digital Domain and Mothership feature film and advertising visual effects, commercial production and virtual humans, studios in California and Vancouver, BC, Canada and a co-production stake in the feature film Ender‘s Game.

Pursuant to section 363 of the Bankruptcy Code, Galloping Horse - Reliance will acquire these assets free and clear of all claims and encumbrances, with the proceeds going to the bankruptcy estate. The businesses will continue to operate in the normal course of business, with the joint venture assuming ownership upon Court approval.

Beijing Galloping Horse Film Vice Chairman and MD Ivy Zhong said, "Digital Domain is a legend in the industry, known for its world-class quality of work and creative talent. We are thrilled to have found a partner in Reliance MediaWorks that is as committed as we are to ensuring Digital Domain‘s continued excellence and success."

Reliance MediaWorks Chief Executive Officer, Film & Media Services Venkatesh Roddam said, "We have had a wonderful working relationship with Digital Domain over the years and we could not be happier to take it further through the joint Galloping Horse - Reliance acquisition. We are looking forward to working with Digital Domain employees and customers to make the operation better and stronger."

Beijing Galloping Horse and Reliance MediaWorks have a combined enterprise value of more than $25 billion, complementary offerings and presence in multiple worldwide geographies strategic to the entertainment industry.

"This is a great day for Digital Domain," said Digital Domain Chief Executive Officer Ed Ulbrich. "Our new partners have incredible strength and reach in the global entertainment marketplace. They are powerful strategic partners that understand our business and our clients‘ business. Their support enables us to continue creating the highest quality entertainment and advertising and puts us in the strongest financial position that Digital Domain has ever been in. We are grateful to all of the bidders and couldn‘t be more pleased with this outcome."

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/09/10/holy.jpg?itok=8rHaUINR
The biggest hollywood blockbusters will take over star movies in september

MUMBAI: The big India festive season has started and everyone is gearing up with their plans to celebrate it in the best possible avatar. When it comes to grand celebrations and larger than life content offering, no one does it better than Star Movies – the leading Hollywood destination of India.

Movies Hollywood
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/08/16/sattru.jpg?itok=byCPgOSS
Get ready for a blockbuster date with 'Saturday Premiere Nights' at 8 only on &pictures

Having an exhausting week, and still struggling to figure plans for the weekend to unwind?  Well, &pictures, is all set to take you on a transcending journey with some big-ticket actors and superhit movies through its all-new offering ‘Saturday Premiere Nights’. Starting 17th August, &...

Movies Hindi
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/08/14/carter.jpg?itok=3oDvaaY9
Critically acclaimed short film Half Full starring veteran Naseeruddin Shah and Vikrant Massey wins major accolade at ShortsTV’s Best of India Short Film Festival 2019 in Los Angeles

Critically acclaimed short films Half Full, featuring veteran actor Naseeruddin Shah and Vikrant Massey, and Counterfeit Kunkoo, written and directed by Reema Sengupta, were declared winners at ShortsTV’s Best of India Short Film Festival 2019 being held in Los Angeles.

Movies Short Films
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/06/28/movies.jpg?itok=TN01ucGX
Upcoming Bollywood Movies we are excited about in 2019

First half of 2019 saw some amazing movies like Gully Boy, Total Dhamaal and Bharat, But the later half of the year is sure to be more exciting with some really big budget Bollywood films set to release. The upcoming movies that we are really excited about in 2019 and early 2020 are… Student Of The...

Movies Hindi
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/06/04/ZEE---Vibha-Chopra-headshot.jpg?itok=jeqUqnA8
Zee Entertainment Elevates Vibha Chopra as Head of Global Syndication & International Film Distribution

Mumbai -  Mr. Mukund Cairae, Chief Operating Officer - International Business at Zee Entertainment Enterprises Limited (ZEEL), announced the expanded role of Ms. Vibha Chopra to Head-Global Syndication & International Film Distribution at ZEEL.  She has taken over the global licensing and...

Movies International
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/21/hollywood.jpg?itok=gxhrAFYZ
“Hollywood Stars” - Behind TheScenes

Marvel’s latest superhero flick Avengers: Endgame has taken the Indian box office by storm, minting Rs. 157 crore within three days of release, easily raking in the highest opening weekend for a Hollywood film in the country so far.

Movies Hollywood
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/05/03/av.jpg?itok=9PVQwFz7
Cinépolis redefines the movie experience by launching ‘Cinépolis Onyx 3D’- India’s first 3D LED screen

Cinépolis, India’s 1st international and the world’s 2nd largest movie theatre circuit by attendance, today launched, ‘Cinépolis Onyx 3D’, a revolutionary ‘Onyx’ LED technology supporting 3D.

Movies Hollywood
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/04/10/insiton.jpg?itok=BTD4eKZh
Namas-K brings K-pop to India

The Korean wave has finally reached the shores of India and it is creating a sensation that is giving India’s entertainment industry an awakening to the broader spectrum of music and dramas attracting early-adopter, social media-savvy millennials.

Movies Short Films
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2019/04/09/Eros-International.jpg?itok=-uXQrdll
Eros International's Andhadhun Grosses Over $14 Million in China in First Weekend

Eros International Plc (NYSE: EROS) (“Eros” or “the Company”), a Global Indian Entertainment Company, today announced that Andhadhun, an engaging thriller starring Tabu, Ayushmann Khurrana and Radhika Apte has collected over $14.0 million within four days of its release in China.

Movies Hindi

Sign up for our Newsletter

subscribe for latest stories