Streamland Media, formerly Picture Head Holdings, has announced plans to acquire Technicolor’s post-production business.
Trive Capital and Five Crowns Capital are supporting the deal, which is valued at $36.5 million and expected to close in the first half of this year.
Streamland already owns a range of post-production outfits, including Picture Shop, Formosa Group, Ghost VFX, Picture Head, The Farm Group and Finalé Post.
Technicolor describes the transaction as fitting with the ongoing transformation of the company under new CEO Richard Moat. His goal is to focus more on the visual effects and animation work that precede the final services of color and sound.
Creative studios remaining under the Technicolor tent include MPC Film, Mr. X and Mikros. In recent years, MPC Film earned Oscar nominations for its work on The Lion King, The Jungle Book and 1917, winning for the last two of those.
The Technicolor Post business will be merged into Streamland Media’s existing portfolio and Streamland said clients will not experience any interruption of services. All employees dedicated to Technicolor Post will join Streamland under the deal.
“Our team’s dedication to creative excellence and their outstanding accomplishments has allowed Streamland Media to build this exceptional family of boutique businesses,” Streamland CEO Bill Romeo said. “We are thrilled to have the extraordinary caliber of Technicolor Post artists join us. Adding Technicolor Post’s technologies and worldwide locations to Streamland will allow us to partner with all of our clients to an even greater degree. I am excited for what’s ahead.”
Trive partner David Stinnett said the Streamland model “is based on a long-term philosophy that values its distinctive culture and fosters collaboration at every turn.” Jeffrey Schaffer, founder and managing partner of Five Crowns, added, “We envision a bright future for the evolution of post production upon the completion of this deal.”
The sale will enable Technicolor to emphasize visual effects and animation for the entertainment industry as well as creative services and technologies for the advertising industry, “which provide the maximum value to our clients,” Moat said. “We will continue to focus on these core areas through our award-winning creative studios.”
Streamland Media To Acquire Technicolor Unit In Post-Production Business Shift The British Journal Editors and Wire Services/ Deadline.