Clear's 33 staff and its high-end compositing kit will decamp from its Great Marlborough Street site to the Dean Street premises of VTR's graphics subsidiary, the Hive, where they will occupy a separate floor.
VTR has not confirmed whether Clear will merge with the Hive, but said that both companies would share creative staff and kit. While Clear is expected to operate under its existing name it is not clear whether its managing director, Simon Huhtala, will head the effects house.
VTR chair and chief executive of parent company Prime Focus Namit Malhotra told Broadcastthat acquiring a 'small creative post-production house' would benefit the group's existing talent in commercial and design, and 'consolidate [VTR Group's] presence in the market'.
Malhotra added that he expected other VTR brands to merge as part of the group's restructure although he wouldn't be drawn on which ones. He also hinted that the acquisition of Clear marks the beginning of a Prime Focus buying spree with a $15m (£8.3m) war chest set aside for further acquisitions either in the UK or abroad.
He said: 'We're keeping our eyes open for any new and interesting companies to consolidate with. Due to the great fragmentation of the market in Soho, consolidation in technology and talent gives us a position of strength.'
Clear was set up 12 years ago as a commercials, music video, broadcasting and film post house. Last year, it underwent a management buyout by six of its staff after funding for a new telecine suite collapsed and it had to slash 14 jobs in a bid to cut costs.
As both VTR and Prime own six telecines and VTR has a digital intermediate grading suite, Huhtala said the acquisition of Clear would allow the facility to 'offer a more complete service and give them the necessary capital and strategic resources to grow in new directions'.
The acquisition is due to be completed by the end of next week.
No comments yet