Reliance Media Works Bites Into James Cameron's Digital Domain Productions
Reliance is now expanding its foreign resource base along with it’s Chinese financing partner Galloping Horse America, with the part-purchase of James Cameron’s Digital Domain Productions for a sum of $30.2 million. The ‘winning bid’ for the stake was submitted to Galloping Horse who plies in the space of production, financing, advertising and distribution of of media entities. This deal will now allow Reliance to create world class productions, which match the standards of ‘Titanic’ and ‘Avatar’ that James Cameron had created earlier. The sale went through after the studio filed for ‘bankruptcy’ in the United States, and the final straw is left for the asset purchase aggrement to go through.
According to the official communique from Reliance Media Works, ” A joint venture, led by Galloping Horse America, LLC in partnership with Reliance MediaWorks has submitted the winning bid to acquire the visual effects, Mothership Media and certain other businesses
and assets of Digital Domain and subsidiaries for US$ 30.2 million at a September 21, 2012 auction in New York.” Now that the deal is in its final stages of approval, it is stated to change the coporate dynamics of Digital Domain Productions. Reliance will be taking up 30% stake, whereas the Chinese partner, Galloping Horse will be the majority stake holder.
Also, with the various services and production capabilities of the Digital Domain, such as a commercials making unit called Mothership Media, these companies will be exploring new markets and will add to its production capabilities. India has long lacked the advanced production facilities for its movies, but all all would change in the future, if the US courts give a go ahead.
News source: Daily Bhaskar