As news swirled of layoffs and retrenchment across the visual effects industry, Rhythm & Hues studios was officially sold to an affiliate of Prana Studios.
Prana is often called an American company but the official announcement identifies Prana as “a U.S. animation and visual effects studio with offices in Los Angeles and Mumbai, India.” The new owner of record for R&H is 34×118 Holdings, a Prana Studios affiliate. The owners of Prana and 34×118 Holdings were not disclosed but the official annoucement of the deal said “(Prana was) founded in 2003 by Arish Fyzee, Kristin Dornig and Pankaj Gunsagar,” and its backers include “Anand Mahindra (Mahindra & Mahindra), Mukesh Ambani (Reliance Industries), Naren Gupta (Nexus Capital), and Ram Shriram (Sherpalo).”
Allan Soong of Deliotte, will serve as chief restructuring officer of 34×118. Lee Berger will be president, Erika Burton co-president, and Gautham Krishnamurthy is CTO.
Jeff Okun, who is also the longtime chair of the Visual Effects Society, is the senior VP of visual effects for Prana