Merger with Prime Focus to boost Double Negative TV arm

Double Negative’s merger with Prime Focus World’s creative services division will speed the Soho VFX firm’s charge into the tax haven of Vancouver – which cofounder and chief executive Matt Holben believes could boost its burgeoning TV division.

When the deal concludes this week, Double Negative will have a minority share of the newly formed business, while Prime Focus World will take an 80% stake. Holben will sit on the board of the new company, along with Double Negative co-founder and managing director Alex Hope, with a remit to run VFX for film, high-end TV and feature animation across the group.

The new firm, which will trade under the Double Negative brand, will have a combined workforce of around 4,500. But Prime Focus London VFX staff will not join the new entity after it was revealed earlier this month that its London division is due to close.

“We have harboured a desire to expand and diversify the business and to expand its global footprint for some time, and for just over a year we have been seriously saying Mr Selfridge: Double Negative VFX that this is something we want to do,” said Holben. “We took time to look at the alternatives, and found the best option to provide longevity was a strategic partnership. We looked at other ways of raising finance to expand, but the Prime Focus deal was a clear winner for us.”

Holben said he and Hope were keen to expand without exposing the company to debt, adding that the deal would provide “flexibility and muscle” to get into Vancouver “very quickly”. He expects to open a facility there by the end of the year.

It will build on Double Negative’s presence in Singapore and London, as well as Prime Focus World’s home in India.

“We will be spread across three, eight-hour time zones, which will be helpful in terms of support for creative artists,” said Holben.

He added: “Our TV division, which has just completed its first year, is absolutely rocking and rolling. I am very excited about TV and think it will soon erupt. [Vancouver] opens up other opportunities. We will look at those, but it has got to provide some flexibility in the future.

“There is a lot of high-end TV work in Vancouver and an increasing number of TV clients are LA-based, so to be in the same time zone as LA offers great comfort, especially because TV is very fast-turnaround. If there are editorial changes, it may be great to have a small crew in Vancouver. We are going there primarily for the film work, but it would be naïve to think it won’t be advantageous for TV.”