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Secures Leading Position in Visual Effects for Media and Entertainment Industries
PARIS, June 10, 2014 /PRNewswire/ --
Technicolor (Euronext Paris : TCH ; OTCQX : TCLRY) announced it has reached an agreement to acquire Mr. X, a leading North American provider of visual effects (VFX) to premier television and international film clients. Mr. X joins Technicolor's Production Services division, which includes Academy Award-winning MPC (The Moving Picture Company).
The acquisition expands Technicolor's VFX services globally to high-end television and international film markets. MPC will continue to address leading projects for both its studio and advertising clients, while Mr. X will focus on high-concept TV production, genre features and international film co-productions. Mr. X and its clients will also be able to access Technicolor's post production portfolio, proven operational excellence and leading technology solutions.
Mr. X will operate as Technicolor's VFX brand for television and become a wholly-owned subsidiary of Technicolor. Mr. X's co-founder and President, Dennis Berardi, will become Global Managing Director of Mr. X reporting to Tim Sarnoff, President of Production Services for Technicolor. Mr. X currently employs over 200 professionals in Toronto and New York.
"This significantly increases the spectrum of services we can offer our clients," said Tim Sarnoff, President of Production Services, Technicolor. "Having Dennis Berardi's leadership and his incredibly creative team join Technicolor gives us unrivaled talent, expertise and capacity."
"I am incredibly proud of our people and the business and brand equity we have built," said Dennis Berardi, President and co-founder, Mr. X. "By joining forces with Technicolor's Production Services, division, we will have greater scale, resources and access to cutting edge technology and R&D to serve our clients and to continue to grow the business."
Mr. X services include design and pre-visualization, 3D animation, CGI effects, compositing, VFX supervision and production management. Mr. X has worked or is currently working on major television series such as "Vikings" for the History Channel, "Penny Dreadful" for Showtime and Guillermo del Toro's upcoming "The Strain" for FX; as well as feature films including "RoboCop," "Anchorman: The Legend Continues" and the highly successful "Resident Evil" franchise for Constantin Film.
Financial details of the agreement will not be disclosed, but it is anticipated to contribute incremental positive earnings immediately.
The acquisition remains subject to approval by the Government of Canada's Department of Canadian Heritage.
Tweet about it - @Technicolor to Acquire @MR_X_INC, #Toronto's Leading #VFX Studio
About Mr. X Inc.
Co-founded by Dennis Berardi and TOPIX in 2001, Mr. X is a digital production studio specializing in television and feature film visual effects. By collaborating with filmmakers from pre-production through post, Mr. X helps to define the look and feel of a film or television series. Mr. X has facilities in Toronto and New York City with a combined staff of over 200 artists and production management. Twitter @MR_X_INC
Technicolor, a worldwide technology leader in the media and entertainment sector, is at the forefront of digital innovation. Our world class research and innovation laboratories enable us to lead the market in delivering advanced video services to content creators and distributors. We also benefit from an extensive intellectual property portfolio focused on imaging and sound technologies, based on a thriving licensing business. Our commitment: supporting the delivery of exciting new experiences for consumers in theaters, homes and on-the-go. http://www.technicolor.com Twitter @Technicolor
Technicolor shares are on the NYSE Euronext Paris exchange (TCH) and traded in the USA on the OTCQX marketplace (TCLRY).
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