Former ILM General Manager and Digital Domain Founder Scott Ross broke news on twitter:
DD sold for $30.2M to Galloping Horse (75%) and Reliance (25%).
Variety followed with their report.
Now there might be some in the industry that routinely engage in boogeyman rhetoric that VFX jobs will eventually go to India and China.
The Animation Guild’s Steve Hulett had a very good response to the “Will It Go All Overseas?” question that points to recent research into China’s animation industry:
the quality and production value of these products remain far below those of similar products made in developed countries.
The rhetoric reminds of the late 80′s when the media rhetoric then was “It’s all going to Japan!”. The US was running a trade deficit with the expanding economy of Japan and Sony’s purchase of Columbia Pictures in Culver City caused “Yellow-Peril Journalism” pieces like the Newsweek cover above.
Frontline also did a series called “Losing The War With Japan”:
So after all the rhetoric what happened? Well Sony went on to make record-breaking films, Culver City was rejuvenated, and they even started a little VFX company called Imageworks.
Will the future be as bright for Digital Domain? Time will tell.