London [UK], August 19: DNEG, a leading visual effects (VFX) and animation studio for creation of feature film, television and multiplatform content, has said that Novator Capital Advisers LLP invested 250 million dollars (about Rs 1,857 crore) in subsidiaries of Prime Focus Ltd, the parent company of DNEG, and personal holdings of its founder Namit Malhotra.
The Novator investment enables Prime Focus to streamline its structure, consolidate minority investments and position DNEG for future growth. Malhotra will continue in his current role as DNEG Chairman and CEO and increase his ownership stake in the parent company from 35 per cent to about 70 per cent. Novator will own a 15 per cent stake in DNEG.
DNEG has won five Academy Awards for best visual effects in the last seven years as well as multiple awards for its visual effects work on high-end episodic shows for OTT and streaming clients.
“With the investment from Novator, DNEG is well positioned to capitalise on the high demand for its services in the burgeoning streaming content marketplace and explore opportunities in adjacent categories and formats, including gaming and original intellectual property (IP) content development and production,” the company said in a statement.
PricewaterhouseCoopers’ annual ‘Global Entertainment & Media Outlook’ recently forecast global streaming revenues to hit 94 billion dollars by 2025.
DNEG employs nearly 7,000 people with worldwide offices and studios across North America (Los Angeles, Montreal, Vancouver), Europe (London) and Asia (Bengaluru, Chandigarh, Chennai and Mumbai). (ANI)
