Even as Prime Focus (PF) is celebrating the win of partner company Double Negative’s (Dneg) win at the Oscars, employees at the UK division were recently informed that the acquisition of the creative services division in the country would soon be finalised.
On the other hand, the contractual services part would be retained by PF, which looks after clients by Red Bee Media. Reports have stated that the buyer is someone who has worked closely with PF in the past.
Earlier, the company mentioned in its presentation to investors that it is looking to divest its non-core UK post-production business to eradicate the drag on consolidated results going forward.
The focus for PF now will be Prime Focus Technology’s CLEAR cloud based system. The last quarter also saw the global integration of Dneg and PFW proceeding as expected with major integration expenses already incurred.
In June 2014, PF had announced its merger with Dneg that created the world’s largest VFX, stereo conversion and animation company serving the Hollywood industry.
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Reliance MediaWorks owns 60% shares in Prime Focus open offerce