Galloping Horse and Reliance to Buy Digital Domain
US Bankruptcy Judge Brendan Linehan Shannon recently confirmed that he would sign an order that approves the sale of Digital Domain Media Group to China’s Galloping Horse and India’s Reliance once the respective companies’ legal representatives manage to finalize the wording.
Units of the Mumbai-based Reliance MediaWorks Limited and Beijing-based Galloping Horse co. recently won an action for the multiple Academy-award winning Digital domain. The companies jointly agreed to pay $30.2 million and take on contracts amounting to $3.6 million, while paying $2.9 million in employee wages.
The US-based Digital Domain filed for chapter 11 last September 11, and planned to hold auction for most of their assets, including a high profile investment in the upcoming Harrison Ford sci-fi movie, Ender’s Game.
“This is a great day for Digital Domain,” said Digital Domain Chief Executive Officer Ed Ulbrich. “Our new partners have incredible strength and reach in the global entertainment marketplace. They are powerful strategic partners that understand our business and our clients’ business. Their support enables us to continue creating the highest quality entertainment and advertising and puts us in the strongest financial position that Digital Domain has ever been in. We are grateful to all of the bidders and couldn’t be more pleased with this outcome.”