Technicolor said it will spin off its creative studios division into a new independent entity specializing in visual effects and animation.The France-based technology services company, whose roots in the entertainment business date back more than a century, will remain publicly traded on the Euronext Paris exchange.
The main company will continue to focus on a range of services, from connected homes to broadband-delivered entertainment. It plans to retain a 35% stake in Technicolor Creative Studios and list TCS on the Euronext Paris.
Majority control will go to Technicolor shareholders via a distribution-in-kind transaction.Earlier this year, Technicolor overhauled its effects operations, grouping previously separate divisions under the Moving Picture Company (MPC) banner.
MPC had gained notice for its work on films like 1917 and the 2019 remake of The Lion King. Its more recent credits include Ghostbusters: Afterlife, Cruella and West Side Story.Other major players are moving to capitalize on the surge of demand they’re seeing due to the streaming boom.
Read more on deadline.com
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