Prime Focus has joined forces with India-based Reliance MediaWorks.
Prime Focus has taken on the facilities and studios business of Reliance MediaWorks, which has paid around £12m for a 30.2% stake in the group.
The deal, which follows hot on the heels of Prime Focus’ acquisition of Soho VFX firm Double Negative, gives the combined entity a presence in 20 locations including the UK, India, the US, Canada, Singapore and Beijing and a workforce of 5,500.
Their pooled film and media services businesses include a total of one million sq ft of facilities including studios in Film City, Mumbai, a 30% stake in Digital Domain and 100% ownership of LA film restoration firm Lowry Digital to offer a host of post production services to film, TV and advertising clients including stereo VFX, 3D conversion, animation and cloud based-digital media services.
Namit Malhotra will take on the role of executive chairman and group chief executive of the Prime Focus Group and will continue to manage operations of Prime Focus.
He said: “This is a very exciting time in the life of Prime Focus.
“From being able to partner the world’s finest visual effects provider Double Negative, to having the Reliance Group come on board, to help mobilise our strategy in building the bridge between the West and the East, I am very confident about the benefits this combination brings to all our customers, employees and stakeholders worldwide.”
The equity proceeds of the deal will be used to fund the recent merger of Double Negative with Prime Focus World.