Mumbai: Prime Focus Ltd, an integrated media services company, on Tuesday announced the sale of its UK broadcast post-production business to blue 2.0 for an undisclosed amount.
Prime Focus managing director Ramki Sankaranarayanan said the sale of this business allows the company to concentrate its efforts on its core creative services divisions and cloud technology business in addition to the broad spectrum of media services business in India.
Prime Focus has operations in Bangalore, Beijing, Cape Town, Chandigarh, Delhi, Goa, Hyderabad, Johannesburg, Kolkata, London, Los Angeles, Mumbai, New York, Singapore, Toronto and Vancouver.
Under the terms of the agreement, which both parties are expecting to be finalized in the two weeks, blue 2.0 will take over the Prime Focus UK broadcast facility at 58 Old Compton Street and the provision of its long-form, drama, short-form, entertainment and digital intermediate services.
“The new company will employ the majority of the current Prime Focus staff at Old Compton Street, and the phased transition of the business to the new owners will begin immediately. The specific terms of the transaction have not been disclosed and they do not exceed prudent financial materiality thresholds,” Prime Focus said in a statement.
Prime Focus is retaining its content services offering, and a number of large-scale contracts with clients such as Red Bee Media, a major car manufacturer and a global consumer product brand. These contracts will continue to be serviced by Prime Focus staff from the company’s facility at 2 Bourchier Street, it said.
