Prana wins auction for Rhythm & Hues:UPDATE( Details on Prana)

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  03 March 2013
Prana wins auction for Rhythm & Hues:UPDATE( Details on Prana)

This just came out -

http://variety.com/2013/digital/new...ues-1200329765/

Quote: After a see-saw auction that lasted most of two days and nights, a holding company connected to Prana Studios has agreed in principle to acquire bankrupt visual effects studio Rhythm & Hues. Prana is a visual effects and animation studio with offices in Los Angeles and India. It was founded as an American company but does much of its animation production through an Indian subsidiary.

http://www.deadline.com/2013/03/rhy...ications-prana/
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Last edited by Rebeccak : 03 March 2013 at 07:16 AM.
 
  03 March 2013
Wonder what they bought?
An empty building and a bunch of computers?
Becuse the people the were the R&H pipeline are long gone.
 
  03 March 2013
So does this mean all the job openings at Rhythm & Hues from here on out will be in India? :(
 
  03 March 2013
Originally Posted by Michael32766: Wonder what they bought?
An empty building and a bunch of computers?
Becuse the people the were the R&H pipeline are long gone.


A pipeline is much more than the people, although they are a large part of it. There could be lots of reasons to purchase another company. Assets, (digital and hardware), client lists...hell, sometimes it's something as small as purchasing a companies debt for tax reasons. I know in South Africa, people buy shelved companies after for their VAT certificates, debt, and CK Numbers.

Suppose unless we knew the amount the company was worth, compared to what was paid, we can't really have a clear idea.

Seems like it could be a promising move for the Indian VFX market!
 
  03 March 2013
Quote:
"A decision on whether or not a California bankruptcy court will approve a sale of Rhythm & Hues was delayed Friday after bidders and a creditor objected to a potential deal, throwing a fresh kink in what has already been a roller-coaster auction."

"Evan Jones, an attorney for JS Communications told Judge Neil W. Bason that the auction was not done in good faith, labeling the sale as a bag of "smelly goods."

Earlier, Side Effects Software, which licenses 2D to 3D conversion software called Houdini
(Rob Note: LOL) to Rhythm & Hues, also filed an objection. In court filings, the company said it is owed $661,754 in unpaid bills, but was more upset that the new owner would potentially have access to its technology.

"Even if the amount determined to be due as a 'cure' for past defaults were to be paid at the closing of the asset sale, [Side Effects] does not have to consent to the assignment of its Houdini Licenses and cannot be compelled to allow assignment of these licenses and the transfer of [its] 'crown jewel' software to some unknown third party," the objection reads.

http://www.thewrap.com/movies/artic...e-delayed-83176
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  03 March 2013
Quote:
"
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"

http://variety.com/2013/digital/new...eal-1200331069/
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  03 March 2013
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