Reliance Mediaworks’ arm Reliance MediaWorks (USA), Inc., in partnership with Galloping Horse America, LLC (Galloping Horse), has submitted the winning bid to acquire the visual effects, Mothership Media (Mothership) and certain other businesses and assets of Digital Domain Productions, Inc. (Digital Domain) and subsidiaries for $30.2 million at a September 21, 2012 auction in New York.
The sale is subject to execution of an asset purchase agreement and Bankruptcy Court approval, the hearing for which is scheduled for today i.e., September 24, 2012.
Galloping Horse - Reliance will acquire all assets constituting the businesses of Digital Domain and Mothership -- feature film and advertising visual effects, commercial production and virtual humans, studios in California and Vancouver, BC, Canada and a co-production stake in the feature film Ender's Game.
Pursuant to the Bankruptcy Code, Galloping Horse - Reliance will acquire these assets free and clear of all claims and encumbrances, with the proceeds going to the bankruptcy estate. The businesses will continue to operate in the normal course of business, with the joint venture assuming ownership upon Court approval.
