Friday, 27 March 2015

Prime Focus sells UK Broadcast unit Blue 2.0

Prime Focus, the world’s largest integrated media services company, has announced the sale of its UK Broadcast Post Production business to new company blue 2.0. Under the terms of the agreement, which both parties are expecting to be finalized in the two weeks, blue 2.0 will take over the Prime Focus UK Broadcast facility at 58 Old Compton Street and the provision of its long-form, drama, short-form, entertainment and DI services. The new company will employ the majority of the current Prime Focus staff at Old Compton Street, and the phased transition of the business to the new owners will begin immediately. The specific terms of the transaction have not been disclosed and they do not exceed prudent financial materiality thresholds.
Prime Focus is retaining its Content Services offering (which provides services to long-standing clients such as the BFI and the Imperial War Museum), and a number of large-scale contracts with clients such as Red Bee Media, a major car manufacturer and a global consumer product brand. These contracts will continue to be serviced by Prime Focus staff from the company’s facility at 2 Bourchier Street.
Regarding the sale, Prime Focus Limited Managing Director Ramki Sankaranarayanan said: “Following an extensive process in which we have considered a number of offers, Prime Focus has reached an agreement for the sale of its UK Broadcast Post offering. We would like to thank all of our UK Broadcast clients for their support over the years, and assure them that the phased transition of the business to the new owners has been constructed to be as seamless as possible. The divestment of this business allows us to concentrate our full efforts on our core creative services divisions (Prime Focus World and Double Negative) and our cloud technology business (Prime Focus Technologies) in addition to the broad spectrum of media services business in India.
Sourcehttp://cablequest.org/news/national-news/item/6678-prime-focus-sells-uk-broadcast-unit-blue-2-0.html

Source: http://cablequest.org/news/national-news/item/6678-prime-focus-sells-uk-broadcast-unit-blue-2-0.html

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