2:15pm PT by Carolyn Giardina
Postproduction House Modern VideoFilm to Be Acquired By Point.360
In a step toward a big change in Los Angeles’ postproduction landscape, Burbank-headquartered postproduction house Modern VideoFilm has signed a letter of intent to be acquired by media management services company Point.360. The value of the deal, a stock swap, wasn’t disclosed.
Modern VideoFilm, a privately-owned Hollywood fixture for three decades, provides color correction and finishing for features and TV with credits including Modern Family, Game of Thrones, The Grand Budapest Hotel and The Book of Life. Its content management unit offers encoding, quality control and digital distribution.
Privately-owned LA-based Point.360 offers postproduction and related services including archiving, closed captioning and subtitling, restoration, vaulting and physical and digital distribution.
“The combined entity will offer our clients a broader range of solutions,” said Modern CEO Scott Avila in a statement.
Point.360 chairman Haig S. Bagerdjian said in a statement that once the transaction is complete, it would "give us an opportunity to further enhance our product offering and financial capabilities for future opportunities."