Co. moves into digital services arena with acquisition
HOLLYWOOD — Thomson Multimedia has acquired Vidfilm Intl. Digital as part of the media conglom’s efforts to expand Technicolor beyond its operations as a film processing lab.
Technicolor is aggressively trying to move into the digital services arena with hopes of being able to manage all areas of digital entertainment production and distribution. The Vidfilm acquisition follows the company’s opening of digital mastering lab Technique last October.
Terms of the Vidfilm transaction were not disclosed, but Glendale, Calif.-based Vidfilm, which employees 340 staffers at its facilities in Los Angeles, New York, London and Singapore, now will be managed by Technicolor and operate under the Technicolor Creative Services umbrella, headed by prexy Bob Beitcher.
VOD, streaming added
Besides traditional audio and video post-production services, Vidfilm offers video-on-demand, Internet streaming and DVD authoring, which is expected to enhance Technicolor’s suite of services.
Vidfilm’s existing management team, including prexy-CEO Richard Andrews, will continue to handle day-to-day operations of the company.
Among Vidfilm’s major customers are Disney, Sony, Universal, Fox, Miramax and Warner Bros. Vidfilm had revenues of $50 million in 2001, and the acquisition will be immediately accretive for Thomson.