Technicolor to Acquire Mr. X Inc., Toronto's Leading VFX Studio
Secures Leading Position in Visual Effects for Media and Entertainment Industries
PARIS, June 10, 2014 (GLOBE NEWSWIRE) -- Technicolor (Euronext Paris : TCH ; OTCQX : TCLRY) announced it has reached an agreement to acquire Mr. X, a leading North American provider of visual effects (VFX) to premier television and international film clients. Mr. X joins Technicolor's Production Services division, which includes the Academy Award-winning MPC (The Moving Picture Company).
The acquisition expands Technicolor's VFX services globally to high-end television and international film markets. MPC will continue to address leading projects for both its studio and advertising clients, while Mr. X will focus on high-concept TV production, genre features and international film co-production. Mr. X and its clients will also be able to access Technicolor's post production portfolio, proven operational excellence and leading technology solutions.
"Over the last five years Technicolor has focused on building the leading global VFX studio in film and commercials with MPC," said Frederic Rose, CEO of Technicolor. "This acquisition adds another strong brand to the Technicolor family and complements our VFX business resulting in a true industry powerhouse. By combining our talent and resources we can accelerate our global growth across all market segments and provide unprecedented VFX capabilities to the market."
Mr. X currently employs over 200 professionals in Toronto and New York.
Financial details of the agreement will not be disclosed, but it is anticipated to contribute incremental positive earnings immediately.
The acquisition remains subject to approval by the Government of Canada's Department of Canadian Heritage and is expected to close by July 2014.
Technicolor, a worldwide technology leader in the media and entertainment sector, is at the forefront of digital innovation. Our world class research and innovation laboratories enable us to lead the market in delivering advanced video services to content creators and distributors. We also benefit from an extensive intellectual property portfolio focused on imaging and sound technologies, based on a thriving licensing business. Our commitment: supporting the delivery of exciting new experiences for consumers in theaters, homes and on-the-go. www.technicolor.com
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