Post-production business reels in competition
In a significant consolidation of the post-production business, especially in Los Angeles, Deluxe Entertainment Group has agreed to acquire Ascent’s Creative Services and Media Services businesses.Deal brings Company 3, Beat, Method, Rushes, Encore Hollywood and Level 3 Post under the Deluxe brand. The Ascent companies, many of which focus on TV, now join the more feature-oriented Deluxe companies. For example, Encore Hollywood and Level 3 provide post services to networks and studios that supply programming to broadcast and cable TV, both in the U.S. and the U.K. Beast has editorial for TV. While Deluxe’s eFilm and Company 3 both provide digital intermediate, a Deluxe spokesman said that they are somewhat complementary businesses, serving different customer bases. Company 3 has an extensive business in commercials, which eFilm lacks. Company 3 has telecine for features and television plus commercials — services eFilm has not offered. Company 3 star colorist Stefan Sonnenfeld will remain with Company 3 under Deluxe ownership. Deal is expected to close by the end of 2010.