Streamland Media has agreed to purchase the Technicolor Post business for €30 million in a sale that is expected to close during the first half of 2021, subject to customary closing conditions.
The move is designed to strengthen Technicolor’s ability to focus on and expand its flagship creative studios specializing in CGI, including VFX and animation, which is in increasing demand across film, TV, advertising, gaming and live events.
Richard Moat, chief executive officer of Technicolor, stated: “Today’s announcements reaffirm our commitment to a stronger future for Technicolor. The strategic sale of Technicolor Post is part of our long-term vision for Production Services to focus on VFX and animation for the entertainment industry, and creative services and technologies for the advertising industry, which provide the maximum value to our clients. We will continue to focus on these core areas through our award-winning creative studios The Mill, MPC, Mr. X and Mikros Animation.”