Mon 29th Jul 2013 | News
Digital Domain has had a 70 percent buyout over the weekend by a Hong Kong company.
Sun Innovation took the majority share of the US based VFX studio which has been renamed Digital Domain 3.0. The company in the news for alarming reasons at times over the last three years or more.
The other 30 percent stake is owned by Mumbai's Reliance MediaWorks. The CEO Ed Ulbrich has also agreed to resign his position while staying active as a producer of the latest movie project 'Ender's Game'.
“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 has 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.”
Sun Innovation is in a strategic partnership with Galloping Horse production house in Beijing, CHINA.