Beijing-based Galloping Horse and India’s Reliance MediaWorks (RMW) have formed a joint venture to buy bankrupt US visual effects studio Digital Domain for $30.2m (£18.6m).

The joint venture, between RMW and a US subsidiary of the Chinese media company, outbid other companies in a bankruptcy court auction.

RMW gained a UK presence in 2010 by buying the assets of Soho film processing company iLab.

Digital Domain co-located a visual effects team at RMW’s Poland Street base in July last year.