September 7, 2012 |
Digital Domain Media Group, the parent company of the Venice-based visual effects house, said Friday that it was laying off most of the 320 employees at its new animation studio in Port St. Lucie, Fla., and shutting down the facility. The company also announced that Digitial Domain Chief Executive John Textor had resigned immediately. Digital Domain, which created visual effects for such movies as "Titantic," the "Transformers" movies and "Tron: Legacy," said the moves were part of a "strategic realignment" to refocus the company on its core business of creating visual effects digital effects, CG animation and digital production for the entertainment and advertising industries.
September 11, 2012 |
Financially struggling Digital Domain Media Group, owner of one of the entertainment industry's leading visual effects companies, said Tuesday it had filed a voluntary bankruptcy petition. Digital Domain said it was seeking protection from creditors under Chapter 11 of the federal bankruptcy code as part of an effort to "ensure the long-term future of its core business" and trigger a "sale of assets. " The company announced that it entered an agreement with Searchlight Capital Partners to sell Venice-base Digital Domain Productions, a subsidiary that operates core visual effects business for the film, television and advertising industries, for $15 million.
June 25, 2012 |
Digital Domain's virtual version of Tupac Shakur has won a top honor at the world's largest advertising festival. The Venice-based visual effects studio announced Monday that the company had received a Titanium Award at the 59th annual Cannes Lions International Festival of Creativity for its virtual performance of the late rap star Tupac Shakur. The award, presented Saturday in Cannes, France, recognizes the most groundbreaking work in the creative communications field. "Virtual 2Pac" was chosen by a jury of experts from the world's top advertising agencies as one of the year's most innovative ideas, from an initial field of more than 500 entrants, Digital Domain said in a statement.
September 12, 2012 |
At this year's Coachella festival, Tupac Shakur was brought back to life via image-projection technology. But now a force even stronger than death threatens his recent resurrection -- bankruptcy. Digital Domain Media Group, the company behind the Tupac technology, said today in a press release that it had filed for Chapter 11 bankruptcy protection from its creditors. The 20-year-old company, which went public only in November, earned international attention for its Tupac project, and had long enjoyed clout in Hollywood for its work on big-budget features such as "Titanic" and "Transformers.
September 23, 2012 |
A joint venture led by Chinese film and TV company Galloping Horse has submitted a winning bid to acquire one of Hollywood's leading visual effects studios. Galloping Horse America, a division of the Beijing-based media company, has partnered with Reliance MediaWorks, the post-production company that is part of the Indian conglomerate Reliance ADA, to buy Digital Domain's visual effects studios in Venice and Vancouver, Canada, for $30.2 million. The bid potentially marks the latest acquisition of a U.S. media company by a Chinese firm.
April 8, 2008 |
Digital Domain, one of Hollywood's top special-effects shops, is ramping up its plans to go public. The Venice-based creator of effects for films including "Titanic," "Pirates of the Caribbean: At World's End" and "Transformers," hopes to sell 6 million shares at $12 to $14 each, according to an updated prospectus filed Monday with the Securities and Exchange Commission. The company was bought in May 2006 for a reported $35 million by an investor group that included director Michael Bay. The plans for an initial public offering were first disclosed in December.