Bain bids for Technicolor
Artisan Entertainment investor Bain Capital has joined several other undisclosed financial players vying to buy film processing powerhouse Technicolor from British TV giant Carlton Communications in a second bidding round.Technicolor’s assets could fetch nearly $2.7 billion. Technicolor recently announced a deal with Texas Instruments and Qualcomm to offer digital cinema services. Carlton has previously said it plans to sell off both Technicolor and editing equipment maker Quantel to focus more attention on its TV and Web operations. Company is readying to merge with rival United News & Media. Formerly Live Entertainment, Artisan was acquired by Bain Capital and Richard Gordon & Co. in 1997 for $120 million. Meanwhile, Quantel has cut 4% of its international workforce, including Dave Scammel, director of strategic development, amid financial uncertainties at the company.