Prana Studios affiliate to buy Rhythm & Hues
34×118 Holdings, an holding company affiliated with the Indian-American firm Prana Studios, has agreed in principle to acquire bankrupt visual effects legend Rhythm & Hues.
If the details are tied up, the deal will make R&H the second major Hollywood effects studio to be bought up by Asian firms, following Digital Domain’s sale to Reliance MediaWorks and Galloping Horse last year.
The deal is worth approximately $18 million, The Wrap reports.
A two-day auction
Variety has a detailed report on the sometimes bizarre two-day auction process, which also saw the Indian-founded Prime Focus and China’s Brave Vision bidding for the studio.
According to a separate Variety story: “[Rhythm & Hues’] current El Segundo HQ will be sold and it is likely to send as much of 80% of its VFX volume overseas.”
The second story also provides a thumnail sketch of R&H’s new owners: while Western readers will be most familiar with its animation work on Hoodwinked! and Disney properties including upcoming Cars spin-off Planes, Prana Studios also produces work for the international and Indian domestic markets.