It didn’t take long for Digital Domain Media Group Inc. (DDMG) to be acquired … again. Beijing Galloping Horse Film Co. Ltd. and Mumbai-based Reliance Capital Ltd. will pay $37 million for the digital effects firm.
The joint venture won the bid for the company at a 12-hour auction Friday.
DDMG filed for bankruptcy earlier this month. The company which was responsible for the visual effects in “Titanic” was founded in part by director James Cameron.
The company previously sold its main assets to Searchlight Partners Capital for $15 million.
According to the auction notice, the Beijing and Mumbai-based ventures beat out four other bidders including Anchorage Capital Group LLC and Technicolor Creative Services USA with a bid of $30.2 million.
The other $6.5 million will go toward contractual cure obligations and paying the debtor’s payroll.
In the end, Galloping Horse America LLC will own 70 per cent of the joint venture.
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