EXCLUSIVE: In another sign of Hollywood’s ailing postproduction economy, Technicolor, Hollywood’s storied postproduction house, is closing two of its facilities in the U.S. and UK, including the recently opened 20,000-square-foot office in Burbank. The closure comes less than a year after the venerable Todd-Soundelux post house closed its doors for good.
It’s unclear how many jobs will be lost by shuttering the Burbank facility, which handles a wide range of post services including editing, audio and quality control, tape-to-file conversion, closed-captioning, encoding and transcoding. Technicolor’s postproduction facilities and corporate offices on Sunset Boulevard in Hollywood remain open.
In a statement to Deadline, the company said: “At Technicolor we have committed ourselves to deliver on services that are driven by creative talent and technology that contribute to creating next generation – immersive, connected and interactive experiences. To do this, it is essential for the company to shed commoditized businesses. For this reason we are planning to make the difficult, but necessary, decision to transform our Media Services department by closing our stand-alone physical Media Services facilities in the U.S. and the UK and prioritize our nascent digital servicing platform. We will continue to focus our resources on services and creative talent that build and enable the immersive media experiences our customers expect. There will be no further comments at this time.”
Technicolor was bought up by the Thomson Multimedia, the giant French conglomerate, in 2000. After filing for bankruptcy protection in 2010, Thomson changed the name of its operations to Technicolor.