VFX and animation company Dneg, effects home to the new “Venom” sequel, multiple Marvel movies and more, will not go forward with its planned 1.7 billion Spac deal with Sports Ventures Acquisition Corp., citing “unfavorable” market conditions, the companies announced Thursday.
The companies had announced the plan in January.
“Due to the headwinds in the Spac marketplace and general market volatility, we have decided to terminate our Spac process with Sports Ventures,” said Dneg Chairman and CEO Namit Malhotra. “Alan [Kestenbaum] and the team at Sports Ventures have been great partners in this process, and we wish them well as they move forward.”
The reversal comes amid a sharp downturn in the Spac, or special purpose acquisition company, market. SPACs are created by investor groups solely to acquire or merge with existing private companies to help take them public. The Dneg deal was intended to bring the new combined company to the Nasdaq index.
The companies had announced the plan in January.
“Due to the headwinds in the Spac marketplace and general market volatility, we have decided to terminate our Spac process with Sports Ventures,” said Dneg Chairman and CEO Namit Malhotra. “Alan [Kestenbaum] and the team at Sports Ventures have been great partners in this process, and we wish them well as they move forward.”
The reversal comes amid a sharp downturn in the Spac, or special purpose acquisition company, market. SPACs are created by investor groups solely to acquire or merge with existing private companies to help take them public. The Dneg deal was intended to bring the new combined company to the Nasdaq index.
- 6/16/2022
- by Josh Dickey
- The Wrap
The last airbender is coming to the big screen. Three animated movies are currently in development about “Avatar” at Paramount Animation and Nickelodeon Animation that will be based on the worlds of “Avatar: The Last Airbender” and “The Legend of Korra.”
The first of the three movies, which is still untitled, will be directed by Lauren Montgomery, who worked on “The Last Airbender” and “Voltron: Legendary Defender.” No plot details were unveiled for the movies, but the films will be intended for theatrical release.
The movies will be produced under the Avatar Studios banner, which was announced in February 2021 from Paramount and Nickelodeon. Producing the movies are Bryan Konietzko, Michael Dimartino, and Eric Coleman.
“Avatar: The Last Airbender”/Nickelodeon Also Read:
‘The Smurfs’ Animated Musical Sets ‘Puss in Boots’ Filmmaker Chris Miller to Direct
“As original creators Mike and Bryan expand the Avatar universe with us, we’re keeping it...
The first of the three movies, which is still untitled, will be directed by Lauren Montgomery, who worked on “The Last Airbender” and “Voltron: Legendary Defender.” No plot details were unveiled for the movies, but the films will be intended for theatrical release.
The movies will be produced under the Avatar Studios banner, which was announced in February 2021 from Paramount and Nickelodeon. Producing the movies are Bryan Konietzko, Michael Dimartino, and Eric Coleman.
“Avatar: The Last Airbender”/Nickelodeon Also Read:
‘The Smurfs’ Animated Musical Sets ‘Puss in Boots’ Filmmaker Chris Miller to Direct
“As original creators Mike and Bryan expand the Avatar universe with us, we’re keeping it...
- 6/15/2022
- by Brian Welk
- The Wrap
VFX giant Dneg has promoted Erika Burton to join its Dneg Animation arm as its new president. Burton will share both the president title and leadership responsibilities with Dneg Animation President Tom Jacomb.
Burton, who was previously president, VFX Production at Dneg, joins as the company is rapidly expanding its animation team. Her focus will be on production, resource management, training and operations, working closely with Jacomb, who will focus on creative, client management and outreach, and the development of IP and original content.
The news was announced Wednesday at the Annecy International Animated Film Festival.
Also Read:
VFX and Animation Giant Dneg to Go Public With 1.7 Billion Spac Valuation
“I am delighted to welcome Erika to the team as we continue to establish Dneg Animation as the best place in the industry to build your career,” Jacomb said. “We have more exciting projects, more growth and expansion, and more...
Burton, who was previously president, VFX Production at Dneg, joins as the company is rapidly expanding its animation team. Her focus will be on production, resource management, training and operations, working closely with Jacomb, who will focus on creative, client management and outreach, and the development of IP and original content.
The news was announced Wednesday at the Annecy International Animated Film Festival.
Also Read:
VFX and Animation Giant Dneg to Go Public With 1.7 Billion Spac Valuation
“I am delighted to welcome Erika to the team as we continue to establish Dneg Animation as the best place in the industry to build your career,” Jacomb said. “We have more exciting projects, more growth and expansion, and more...
- 6/15/2022
- by Brian Welk
- The Wrap
Underscoring the further expansion of its animation division, leading VFX and animation studio Dneg has tapped Erika Burton, its president of VFX Production since October last year, to lead Dneg Animation with Tom Jacomb as co-president.
The former DreamWorks Animation and Disney Animation exec will focus on production, resource management, training, and operations while Jacomb will oversee creative, client management and outreach as well as the development of IP and original content.
Expressing his delight at welcoming Burton to the Dneg Animation fold, Jacomb said: “We have more exciting projects, more growth and expansion, and more original content and co-productions on the horizon, and Erika will be absolutely instrumental in helping to ensure that we have a rock-solid foundation upon which to continue building.”
“I’m also delighted that she will be contributing her compassion, warmth, and experience to the amazing work that our teams are already doing in putting equality,...
The former DreamWorks Animation and Disney Animation exec will focus on production, resource management, training, and operations while Jacomb will oversee creative, client management and outreach as well as the development of IP and original content.
Expressing his delight at welcoming Burton to the Dneg Animation fold, Jacomb said: “We have more exciting projects, more growth and expansion, and more original content and co-productions on the horizon, and Erika will be absolutely instrumental in helping to ensure that we have a rock-solid foundation upon which to continue building.”
“I’m also delighted that she will be contributing her compassion, warmth, and experience to the amazing work that our teams are already doing in putting equality,...
- 6/15/2022
- by Anna Marie de la Fuente
- Variety Film + TV
Plus: Former Rhythm & Hues ace Ken Roupenian joins Digital Domain; and more…
Paramount Pictures and the UK’s Locksmith Animation announced on Wednesday they are moving ahead on three projects under a development and production partnership.
Locksmith has been developing the projects since its inception in 2014 and the partners plan to start production within the next 12 months and release the first film in 2020. The goal is for further projects to emerge.
Writer-director Sarah Smith and producer Julie Lockhart founded Locksmith and launched in 2014 with the backing of Murdoch.
Universal Pictures has dated four untitled Blumhouse horror projects for February 24, 2017; April 28, 2017; January 5, 2018; and October 19, 2018.Digital Domain had hired Ken Roupenian as vice -president, digital studio. The former Rhythm & Hues head of digital production will be responsible for the company’s creative teams globally, and will report to Digital Domain executive vice president and general manager, Erika Burton.
Paramount Pictures and the UK’s Locksmith Animation announced on Wednesday they are moving ahead on three projects under a development and production partnership.
Locksmith has been developing the projects since its inception in 2014 and the partners plan to start production within the next 12 months and release the first film in 2020. The goal is for further projects to emerge.
Writer-director Sarah Smith and producer Julie Lockhart founded Locksmith and launched in 2014 with the backing of Murdoch.
Universal Pictures has dated four untitled Blumhouse horror projects for February 24, 2017; April 28, 2017; January 5, 2018; and October 19, 2018.Digital Domain had hired Ken Roupenian as vice -president, digital studio. The former Rhythm & Hues head of digital production will be responsible for the company’s creative teams globally, and will report to Digital Domain executive vice president and general manager, Erika Burton.
- 5/4/2016
- by jeremykay67@gmail.com (Jeremy Kay)
- ScreenDaily
Academy Award®-winning visual effects and animation studio Rhythm & Hues was acquired out of bankruptcy today by a wholly-owned affiliate of Los Angeles-based Prana Studios, Inc. Rhythm & Hues is a global production powerhouse for the creation of visual effects and animation for Hollywood movies. Among its 145 screen credits are “Life of Pi,” “The Golden Compass” and “Babe,” Academy Award winners for Achievement in Visual Effects, (in 2012, 2008, and 1995 respectively).
“This is a positive outcome to a difficult situation,” said R&H executive Lee Berger, “and we are thrilled to be able to put this process behind us. We are grateful for Prana’s support as well as the support of their investor group, and are excited to begin the next chapter of R&H’s history.
In February at the 85th Academy Awards, Ang Lee’s Life of Pi won 4 Oscars for Cinematography, Directing, Music (Original Score) and Visual Effects. The...
“This is a positive outcome to a difficult situation,” said R&H executive Lee Berger, “and we are thrilled to be able to put this process behind us. We are grateful for Prana’s support as well as the support of their investor group, and are excited to begin the next chapter of R&H’s history.
In February at the 85th Academy Awards, Ang Lee’s Life of Pi won 4 Oscars for Cinematography, Directing, Music (Original Score) and Visual Effects. The...
- 3/30/2013
- by Michelle McCue
- WeAreMovieGeeks.com
A wholly-owned affiliate of Prana Studios acquired Rhythm & Hues, following a hearing Friday in U.S. Bankruptcy Court during which Judge Neil Bason approved the winning bid after a two-day auction held at R&H counsel Greenberg Glusker. According to analysis by The Hollywood Reporter, the deal is valued at $17.8 million, which includes a $1.2 million cash payment, assumption of loan obligations and contractual liabilities. The winner bidder, 34x118 Holdings, is a new operating company for which Allan Soong of Deliotte will serve as chief restructuring officer and work with R&H’s Lee Berger as president, Erika Burton as co-
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- 3/29/2013
- by Carolyn Giardina
- The Hollywood Reporter - Movie News
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