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KushDesign

More Digital Domain problems

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This really sucks as I live about 30mins south of St. Lucie. DD was one of the BIGGEST things to happen around there. Not much else going on around there but orange groves and the likeness. Not much of a job market in that industry at all. Sad to see this happen especially since people coming from LA to work here, its a dramatic change ('city life' vs 'country life'). Now they have to adapt to 'country life' with no visual fx companies nearby to head over too.. its going to be rough.. This is going to be ongoing for a little while i see.. Wouldn't be surprised if some small businesses start popping up from employee alliances.

 

And @eliss.. I agree man.. just sucks for the worker bees

Edited by Kastro

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http://www.studiodai...-joint-venture/

 

Chinese and Indian Companies to Buy Digital Domain for $30.2 Million in Joint Venture

The Deal, Subject to Approval in Court, Gives Beijing Galloping Horse Film Co. 70% Ownership and Mumbai's Reliance MediaWorks a 30% Share

By Beth Marchant / Sep 23, 2012

 

The assets of the beleaguered Digital Domain VFX and animation company, dissolved in bankruptcy court following its Chapter 11 filing on September 11, will be jointly purchased by Beijing Galloping Horse Film Co., Ltd. and Reliance MediaWorks. The two companies confirmed the deal, subject to approval in bankruptcy court, in a statement issued Sunday evening.

 

Once the deal is approved during a hearing on Monday, Beijing Galloping Horse Film Co. will own 70% of Digital Domain and Reliance MediaWorks will own a 30% share of the new company. "Digital Domain is a legend in the industry, known for its world-class quality of work and creative talent," said Ivy Zhong, vice chairman and managing director of Beijing Galloping Horse Film, in a prepared statement. Reliance MediaWorks's CEO Venkatesh Roddam was equally eager to sing the company's praises in the official announcement of the sale, citing the "wonderful working relationship with Digital Domain over the years. We could not be happier to take it further."

 

Galloping Horse Film had previously signed on to co-produce The Legend of Tembo, what was to have been the first animated feature out of Digital Domain Media's Tradition Studios in Port St. Lucie, Florida. The film has not been completed and the details of its fate, although not part of the bankruptcy sale, are unclear at this time.

 

Reliance MediaWorks, based in Mumbai, is part of the Reliance ADA Group, a multibillion-dollar Indian conglomerate with businesses across the Telecom, Capital, Power, Infrastructure, Health and Entertainment sectors. In 2010, Reliance Entertainment purchased the venerable digital restoration facility formerly known as Lowry Digital. But some of its subsidiaries have not always acted in the best interests of the production and post communities. Earlier this year, Reliance Entertainment subsidiary Reliance Communications mysteriously blocked customer access within India to Vimeo, allegedly a result of India's Department of Telecommunications rules against openly shared user-generated video.

 

Digital Domain's legal troubles also continue to mount. On Thursday, investors filed a class action lawsuit against Digital Domain alleging former CEO John Textor and other top executives misled them about the company's ability to meet payroll and regular operation expenses.

 

Today, downsized Digital Domain employees living near the closed Port St. Lucie facility staged a massive tag sale in the city's Civic Center to raise funds for their imminent westward migration to Los Angeles and Vancouver, where most of the VFX and animation jobs remain. The area's CBS affiliate ran this news story about the sale, claiming the recently laid off employees had also filed a class action suit against their former employer in an effort to reclaim basic severance packages and banked vacation time denied them at termination.

 

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Lets be Republicans for a second.

 

Does anyone think the stock is a viable purchase? You can't beat the price and if it's still available

I can't imagine it wouldn't be somewhat more profitable for at least a short time. Could be a nice little money maker.

 

Again, disregarding the fact that my industry is being hurt, removing emotion etc.

 

Just sayin'.

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Here's a pretty thorough breakdown of the whole thing.

 

http://www.fxguide.com/featured/dd_what_does_it_mean/

 

I've seen a ton of schadenfreude on the net over this whole thing, which I don't really get. No matter how you feel about the Digital Domain Institute, or the folks running the show, at the end of the day, there are a ton of artists who are now out of work, many with little to no warning. :-(

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Digital Domain has had it's fair share of ethical problems but it is a bummer the Florida office closed. I was definitely hoping DD would help drive more work to the area. Being a Florida native it has always been the hope to relocate back to the mother land at some point. Maybe one day FL will get a decent market...

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This really sucks as I live about 30mins south of St. Lucie. DD was one of the BIGGEST things to happen around there. Not much else going on around there but orange groves and the likeness. Not much of a job market in that industry at all. Sad to see this happen especially since people coming from LA to work here, its a dramatic change ('city life' vs 'country life'). Now they have to adapt to 'country life' with no visual fx companies nearby to head over too.. its going to be rough.. This is going to be ongoing for a little while i see.. Wouldn't be surprised if some small businesses start popping up from employee alliances.

 

And @eliss.. I agree man.. just sucks for the worker bees

 

My in-laws live in Traditions so I drive by there every time we go visit. I actually worked with a guy who told me that he was at DD for a while – the stories he told...

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