Earlier this month, a bankruptcy judge fast-tracked an auction for financially troubled special effects company Digital Domain. On Sunday, the James Cameron-founded business announced that a joint venture between Galloping Horse America and Reliance MediaWorks will acquire Digital Domain Productions and subsidiary Mothership Media for $30.2M. Under the agreement, Chinese film and TV company Galloping Horse and India’s Reliance will pick up all the of the groups’ business assets including feature film and advertising visual effects, commercial production, studios in California and Vancouver and a co-production stake in Lionsgate’s Ender’s Game of which Digital Domain has been a co-producer. Galloping Horse holds a 70% stake with Reliance MediaWorks taking 30%. “This is a great day for Digital Domain,” said CEO 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.” Searchlight Capital Partners had previously put forth a stalking horse bid of $15M for the businesses. A bankruptcy court hearing to greenlight the deal is scheduled for later today in New York.
China’s Galloping Horse Joins With Reliance MediaWorks To Buy Digital Domain
What's Hot on Deadline
Hollywood Cowardice: George Clooney Explains Why Sony Stood Alone In North Korean Cyberterror Attack
More From Tartaglione
- George Clooney, Jeremy Piven, Strip Poker & More In 'Downton' Charity Spoof (Video)
- Berlin Film Festival Ties On 'Fifty Shades Of Grey' International Premiere
- China Says It's Against Cyberterrorism; Stays Mum On North Korea, Helping U.S.
- 'Hobbit' Rules While Chinese, Indian And French Films Make Noise: Intl BO Update
- Aamir Khan's 'PK' Bests His 'Dhoom 3′ In Record U.S. Bow For Bollywood (Video)
- Foreign Language Oscar Shortlist: 'Force Majeure', 'Ida' In; 'White God', 'Mommy' Miss Cut