VFX Company Digital Domain Acquired by Sun Innovation
Digital Domain 3.0 has once again been sold, this time to Sun innovation, a Hong Kong-listed company.
Sun Innovation has acquired Galloping Horse U.S., which owned a 70 percent share of Digital Domain's business, for approximately $50.5 million. Reliance MediaWorks continues to own a 30 percent minority stake.
Digital Domain was acquired roughly 11 months ago by China’s Galloping Horse and India’s Reliance MediaWorks, after DD filed for chapter 11 bankruptcy protection. Last year, Galloping Horse and Reliance acquired the Digital Domain production business for $30.2 million.
Ed Ulbrich, who had been with DD for most of its 20 years in business, has resigned as CEO, a role he stepped into at the time of last year’s changes.
More to follow.