MUMBAI: In a spectacular turn of events that’s left industry insiders cheered up, London-based visual effects powerhouse Cinesite has secured a jaw-dropping $215 million (over Rs 1,800 crore) cash injection – a dazzling ray of hope amidst the storm clouds gathering over the VFX landscape.
The much-needed financial boost comes just as the industry witnesses the dramatic implosion of once-mighty rivals. VFX titan MPC and its parent company Technicolor crashed and burned last month, while Jellyfish Pictures is currently gasping for air as it scrambles to find a buyer.
“Money shots still matter in Hollywood,” quipped one industry observer, noting the financing was spearheaded by NatWest Corporate Bank, with Barclays and Santander also splashing the cash. Shareholder Gryphion helped sweeten the pot.
Established in 1991 and boasting a global footprint spanning London, Montreal, Mumbai and Vancouver, the Cinesite empire encompasses an impressive roster of creative powerhouses including Image Engine, Trixter, Imaginarium Studios, L’Atelier Animation, FX3X, Assemblage Entertainment, and Squeeze Animation.
While competitors were busy showing talent the door, Cinesite stubbornly clung to its artistic wizards despite the financial wallop from recent industry strikes.
The studio’s star-studded project pipeline includes Alex Garland’s “Warfare,” the hotly anticipated Michael Jackson biopic “Michael,” Amazon’s Viola Davis vehicle “G20,” and Paramount Animation’s “Smurfs” reboot helmed by Chris Miller.
Cinesite group chief executive Antony Hunt didn’t mince words.
” We have served this industry for over 30 years and in that time we have seen many changes; our longevity comes in part from our ability to adapt. In the next phase of our business you can expect to see us taking advantage of opportunities thrown up by the disruption of the past couple of years,” said Hunt in a released statement to Variety. “Thanks to the renewed commitment of our banks, shareholders and other stakeholders and the ongoing confidence our clients place in our services, we will continue to produce exceptional work for audiences, while fuelling innovation and studio growth.”
Gryphion chief investment officer William Ford bullishly declared: “This funding package underscores the conviction of Cinesite’s shareholders and banks in the industry’s recovery and the continued demand for high-quality visual narratives.”
With this massive financial firepower, Cinesite looks set to not just weather the storm but emerge as one of the last men standing in the increasingly brutal VFX battleground.
