Rhythm & Hues (R&H) is one of the leading VFX studios that has worked on major Hollywood blockbusters including the latest multiple Oscar winning film LIFE OF PI by Ang Lee. R&H had gone into bankruptcy and was put out for auction by the court. After an intense bidding war Prana, a visual effects and animation studio with offices in Los Angeles and India, has acquired R&H. Prana is incorporated in America but most of its work is done through its Indian subsidiary 34×118 Holdings. Both, Prana and 34×118 Holdings, are backed by the likes of Mukesh Ambani (Reliance Industries), Anand Mahindra (Mahindra & Mahindra), Naren Gupta (Nexus Capital), and Ram Shriram (Sherpalo) as per the media reports. Among the bidders who lost in the race were Tiwanese and Chinese companies and yet another Indian VFX Company Prime Focus World.
According to unconfirmed sources the deal may have cost Prana about Rs. 90 crores (around $16 million). R&H, now under control of Prana will have to repay a large debt it owes to some of the studio majors over a period of three years. Looking at the deep pockets of its backers, it does not seem to be a big issue. R&H is expected to cut short its work force in the USA and send most of its work to its VFX and Animation hubs in Asia, Taiwan and India.
Jeff Okun, the senior VP of Prana said, “While remaining a stand-alone company focusing on cutting-edge visual effects and innovative technology, R&H will be complimented by Prana’s world-class long-form animation. ... With the additional support of our strong investor group, we are confident R&H will continue to be the innovative quality leader in our field that they’ve been for 30 years.”
(Rajesh Kumar Singh is Editorial Consultant for Festivals and Markets for BollywoodTrade.com. He is a filmmaker, critic and market analyst)
No comments:
Post a Comment