Kodak sells British visual effects house Cinesite
Eastman Kodak, which has owned the company since it was established in 1991, sold Cinesite to Endless LLP, an independent British private equity house with holdings in non-entertainment companies. Financial terms were not disclosed.
Kodak, based in Rochester, N.Y., filed for bankruptcy protection in January and recently reported a loss of $366 million following its decision to stop selling digital cameras and focus on other businesses. The bankruptcy filing, however, does not apply to Kodak's British and other foreign subsidiaries.
Cinesite, one of four major visual effects companies in Britain, has worked on movies such as the "Harry Potter" films and "Pirates of the Caribbean: On Stranger Tides," and on the TV series "Rome." The studio is currently working on the next James Bond movie, "Skyfall," and Paramount Pictures' zombie epic starring Brad Pitt, "World War Z."
The new deal will give Cinesite the resources and stability to diversify its services and expand its global position in the media and entertainment industry, the company said in a statement.
"This sale will give us the opportunity we need to grow our talented team to ensure we remain at the forefront of the visual effects industry for many years,'' said Antony Hunt, managing director of Cinesite.
-- Richard Verrier
Photo: Johnny Depp stars in the film "Pirates of the Caribbean: On Stranger Tides," among the movies for which Cinesite has done visual effects work. Credit: Walt Disney Pictures / Jerry Bruckheimer Films