Technicolor Acquiring Laser Pacific
Technicolor is acquiring Hollywood-headquarted post house Laser Pacific, which offers feature, television, restoration and visual effects services. The deal is expected to close in August for an undisclosed sum.
Paris-headquartered Technicolor—which is scheduled to report its first half 2011 results on July 28—offers services for the creation, management and delivery of entertainment content, ranging from postproduction to Blu-Ray authoring and digital cinema distribution.
Per the agreement, the Laser Pacific locations will be rebranded as Technicolor
Laser Pacific was formed more than 25 year ago, joining several former companies including Pacific Video and Laser Edit. The company, which later went public, has earned six Emmy awards for outstanding achievement in engineering development.
Laser Pacific was acquired by Kodak in 2003 for $30.5 million, and in April 2010 was sold for an undisclosed sum to HIG Capital, which also houses industry businesses PostWorks/Orbit Digital, Hula Post, Wexler Video and Coffey Sound.
In related news, Technicolor is announcing today that selling its New York assets to PostWorks while entering into a licensing agreement with that company to effectively share resources in New York.
Reflecting a move toward consolidation of the postproduction business, in December, Technicolor’s rival Deluxe Entertainment Services Group acquired Ascent Media Corp.'s Creative Services and Media Services businesses in a deal valued at $68 million.
In related news, Technicolor inked deal to acquire the assets of Cinedigm Digital Cinema that are specific to physical and electronic distribution of content to movie theatres in North America.