Reliance Group, one of India’s leading business houses, and Prime Focus Ltd (PFL), a global media and entertainment industry services leader, have announced the combination of the global film & media services business of Reliance MediaWorks (RMW) with Prime Focus Ltd.
The combination of RMW, PFL and Academy® Award winning VFX company Double Negative, led by Matt Holben and Alex Hope, creates the world’s largest and most integrated media services group with over 5,500 professionals across 20 locations offering visual effects, stereo 3D conversion, animation, and cloud-based digital media solutions that transcend the film, advertising and television industries.
The combination brings instant benefits to global clients, with new levels of creativity, technology innovation, truly integrated Digital Media Services, unmatched scale, financial stability and sustainability. The body of work handled by the new powerhouse includes worldwide blockbusters and critically acclaimed films, such as The Dark Knight Trilogy, Transformers, Inception, Gravity, Harry Potter, and Avatar, amongst many others.
The combined group will also have the world’s first hybrid cloud-enabled Media ERP platform. This unique platform virtualizes the content supply chain and helps broadcasters, studios, brands, sports and digital businesses manage their business of content, by driving creative enablement, enhancing ecosystem efficiencies and sustainability, reducing costs and realizing new monetization opportunities.
Namit Malhotra will be the Executive Chairman and Global CEO of Prime Focus Ltd.
“We are hugely excited about the transformational growth opportunity created by the powerful combination of the global film and media services business of Reliance MediaWorks and Prime Focus,” said Amitabh Jhunjhunwala, Group Managing Director, Reliance Group. “Namit is an enormously passionate leader, who has created and run a highly successful global media services business. We are delighted to have the opportunity to support PFL as the Company moves to the next orbit of growth under Namit’s dynamic and ‘turbo-charged’ leadership.”
“This is a very exciting time in the life of Prime Focus,” said Namit Malhotra, Founder, Prime Focus and Executive Chairman & Group CEO, Prime Focus Group. “From being able to partner the world’s finest visual effects provider Double Negative, to having the Reliance Group come on board to help mobilize our strategy in building the bridge between the West and the East. I am very confident about the benefits this combination brings to all our customers, employees and stakeholders worldwide.”
The combination will result in the immediate extension of Prime Focus’ infrastructure across India, UK and North America, including amongst other things:
• a total of one million sq. ft. of facilities including studio facilities in Film City Mumbai, the heart of Bollywood
• 30% stake in renowned Hollywood VFX house, Digital Domain, widely acclaimed for its Academy® Award winning VFX work on Titanic and The Curious Case of Benjamin Button.
• 100% ownership of Los Angeles-based digital film restoration firm Lowry Digital, an Academy® Award winner for Scientific and Technical Achievement in 2012.
EY India was the exclusive Advisor to Reliance MediaWorks for the transaction, and Centrum Capital was the exclusive Advisor to Prime Focus.
The completion of the transaction is subject to certain conditions precedent as is customary, including applicable regulatory and other approvals. Accordingly, there can be no certainty at this stage that the transaction will be consummated as envisaged.
For news coverage of the announcement, follow the links below:
Prime Focus To Acquire Reliance MediaWorks - The Hollywood Reporter