Chinese firm buys controlling stake in Hollywood giant
Updated: 2012-09-25 14:46
By Huang Ying (chinadaily.com.cn)
Chinese film producer Beijing Galloping Horse Film & TV Production Company has joined forces with India's Reliance MediaWorks to buy US-based Digital Domain Media Group, according to a source in the Chinese company, Beijing Business Today reported on Tuesday.
Previous reports said the two companies acquired Digital Domain for $30.2 million. Reuters reported that the Chinese business holds a controlling 70 percent stake in the US business, with Reliance MediaWorks holding the remaining 30 percent.
A source at Galloping Horse confirmed that the company has a "dominant stake" in Digital Domain and said an official announcement regarding the acquisition will be released soon.
Founded in 1993 by Titanic and Avatar director James Cameron and special effects guru Stan Winston, Digital Domain is one of the best-known special effects companies in Hollywood. It has worked on production of a number of blockbusters including Titanic, The Terminator series and Pirates of the Caribbean, but ran into financial difficulties recently and filed for bankruptcy on Sept 11.