Company also sells post facility to PostWorks
While shoring up its digital cinema distribution business via its pact with Cinedigm, Technicolor was also busy rejiggering its post-production offerings, acquiring LaserPacific and selling its post assets in New York to PostWorks.
Under the Technicolor-PostWorks deal, PostWorks acquires the Technicolor post facility on Leroy Street in Manhattan and enters an exclusive franchise agreement with Technicolor. The facility will be branded PostWorks Technicolor and will get access to Technicolor’s proprietary color science and post workflows.
It’s the first ever franchise agreement for Technicolor. “We’re very excited about that,” said Claude Gagnon, prexy of Technicolor Creative Services. “It’s a model I want to develop in Latin America and Asia.”
LaserPacific acquisition includes LaserPacific’s facilities in Hollywood and West Los Angeles. LaserPacific’s creative talent will become Technicolor employees and the facilities will operate under the Technicolor brand.
Gagnon told Variety: “We are acquiring a very important roster of talent, colorists, manager, so we’re acquiring a team. We’re acquiring a portfolio of customers. We’re buying some of their technology. And we’re going to strengthen our position in the L.A. market in theatrical and broadcast.”
Move continues the shakeout in post that began when Ascent Media sold its post business to Technicolor’s rival, Deluxe.