Hong Kong-Listed Company Sun Innovation Acquires 70% Share in Digital Domain 3.0;
Reliance MediaWorks Continues to Own Minority Stake in Digital Domain 3.0
The Board of Directors of Digital Domain 3.0, Inc., comprised of parent companies Sun Innovation and Reliance MediaWorks, names Daniel Seah new CEO of Digital Domain 3.0
Academy Award®-winning visual effects company Digital Domain 3.0, Inc. announced that it has become a part of Hong Kong-based and listed company Sun Innovation (HKSE: 547). This development follows Sun Innovation’s acquisition of the parent company of Galloping Horse U.S., which owned a 70% share of Digital Domain 3.0’s business, for approximately $50.5 million (U.S.) for equity shares. Reliance MediaWorks (BSE: 532399, NSE: RELMEDIA, ISIN: INE540B01015) continues to own a minority stake (30%) in Digital Domain 3.0, while Galloping Horse-Reliance, LLC also remains in the ownership chain of Digital Domain 3.0.
Founded in 1992, Sun Innovation is a Hong Kong-based and listed company that recently formed a strategic partnership with Beijing Galloping Horse, a leading film and television company in China. With its acquisition of Digital Domain 3.0, Sun Innovation intends to expand its reach, playing a significant role in the growing international feature film markets and developing new digital media experiences for consumers in entertainment, advertising, cultural and media environments worldwide.
“We believe absolutely that Digital Domain 3.0 can bring the expertise it has developed over the past two decades to audiences worldwide who are hungry for big visual effects movies and new digital experiences to go along with them,” said Jian Zhou, Chairman of Sun Innovation. “Digital Domain 3.0 has the leadership, talent, infrastructure and resources to bring teams together and manage complex digital productions around the world. The company is an ideal fit for Sun Innovation as we launch into this space.”
Ed Ulbrich, the longtime and highly respected Executive at Digital Domain 3.0 who stepped up and was appointed CEO when the company was purchased post bankruptcy in September 2012, is exiting the position but has entered into a creative consultant arrangement with the company, it was announced. He will also continue as producer of Digital Domain’s upcoming feature film “Enders’s Game,” which Lionsgate/Summit is releasing domestically on November 1.
Ulbrich has been with the company since its inception in 1993 and was the chief architect of its advertising production business. He also executive produced the Academy Award-winning visual effects for The Curious Case of Benjamin Button and Titanic, as well as Tron Legacy, Fight Club, Zodiac among others: music videos for Lady Gaga, Rolling Stones, and Michael Jackson, and more: 500+ commercials and the computer-generated “hologram” of the late rap star Tupac Shakur for the Coachella Valley Music Festival.
“I’ve spent many wonderful years at Digital Domain and was honored to have been trusted to lead the company through its acquisition and to help set the strategic path forward,” Ulbrich said. “Now, with the ownership having brought the company under Sun Innovation, a solid, significant public company, and Digital Domain 3.0 into its next phase, I am looking forward to returning to the creative side of the business to pursue producing full-time. I look forward to continuing a fruitful relationship with Digital Domain 3.0 as we move forward.”
“The Sun Innovation Board of Directors thanks Ed for his more than 20 years of dedication to Digital Domain and the excellence he has delivered again and again,” said Jian Zhou, Chairman of Sun Innovation. “Ed’s artistry and technical expertise have helped the company become an industry leader and will always be a key part of its highly cherished legacy.”
Sun Innovation’s Executive Daniel Seah assumes the reins as CEO at Digital Domain 3.0.
“The partnership between Sun Innovation, Galloping Horse and Reliance MediaWorks is a strong and collaborative business relationship,” said Venkatesh Roddam, CEO of Reliance MediaWorks. “With Daniel Seah leading this company, I am confident Digital Domain 3.0 will become a major force in the entertainment industry. He has our full support.”
Seah has experience in business development and has managed corporate projects in entertainment, media, energy and environmental protection and technology. Most recently he served on the senior management team of Simsen International Financial Group, where he oversaw mergers, acquisitions and managed investor relations.
“I am grateful for the opportunity to lead Digital Domain 3.0,” said Seah. “I envision the new Digital Domain 3.0 to be a place where artists can thrive and clients will be delighted with our cutting-edge technology and client-focused approach.”
