Exchange Database

Chinese firm buys controlling stake in Hollywood giant

Chinese film producer Beijing Galloping Horse Film & TV Production Company has joined forces with India's Reliance MediaWorks to buy US-based Digital Domain Media Group, according to a source in the Chinese company, Beijing Business Today reported. Previous reports said the two companies acquired Digital Domain for $30.2 million. Reuters reported that the Chinese business holds a controlling 70 percent stake in the US business, with Reliance MediaWorks holding the remaining 30 percent.
Outcomes: 
Founded in 1993 by Titanic and Avatar director James Cameron and special effects guru Stan Winston, Digital Domain is one of the best-known special effects companies in Hollywood. It has worked on production of a number of blockbusters including Titanic, The Terminator series and Pirates of the Caribbean, but ran into financial difficulties recently and filed for bankruptcy on Sept 11.
Source: 

http://usa.chinadaily.com.cn/business/2012-09/25/content_15781735.htm

Government?: 
No
Type of Exchange: 
business
Partners: 
Beijing Galloping Horse Film & TV Production Company
Reliance MediaWorks
Digital Domain Media Group
Participants (Types): 
film industry workers
Exchange Date: 
Tuesday, September 25, 2012
Continuing: 
No
Location: 
Beijing and Hollywood
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