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Digital Domain Media Group Inc said a joint venture led by Galloping Horse America LLC and the US unit of India’s Reliance MediaWorks has submitted the winning bid to acquire some of its businesses and assets for $30.2 million.
Shares of Reliance MediaWorks jumped 7.81 percent on BSE to Rs 74 in a negative Mumbai market. The BSE Sensex is down 25 points at 18726.
Digital Domain, a Hollywood special effects company started in 1993 by superstar director James Cameron and the late special effects guru Stan Winston, had filed for bankruptcy protection on Sept. 11.
The sale of its visual effects and some other businesses and assets is subject to execution of an asset purchase agreement and Bankruptcy Court approval, Digital Domain said in a statement.
[caption id=“attachment_466227” align=“alignleft” width=“380”]  Galloping Horse America holds 70 percent stake in the joint venture while Reliance MediaWorks holds 30 percent.[/caption]
Galloping Horse America holds 70 percent stake in the joint venture while Reliance MediaWorks holds 30 percent.
“A joint venture, led by Galloping Horse America, LLC in partnership with Reliance MediaWorks has submitted the winning bid to acquire the visual effects, Mothership Media and certain other businesses and assets of Digital Domain and subsidiaries for $30.2 million at a September 21, 2012 auction in New York,” the RMW statement said.
The two companies will acquire all assets constituting the businesses of Digital Domain in feature films, advertising, visual effects, commercial production, studios in the US and Canada and a co-production stake in the feature film “Ender’s Game”, the statement said.
The businesses will continue to operate in the normal course, with the joint venture assuming ownership upon court approval, it added.
Earlier, Searchlight Capital Partners had submitted a bid of $15 million.
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