Digital Domain Pays $39 Million for
Rex Shutterstock

Digital effects group, Digital Domain Holdings is to pay $38.9 million for a majority 53.9% stake in Canadian virtual reality technology firm IMV.

Hong Kong-listed DDH already owns 12.8% of IMV and has a 51% interest in IM360, a joint venture with IMV. The deal will give it 66.6% of IMV.

It is proposing to pay $5.82 million in cash, with a further $3.88 million in shares and the balance in interest-bearing commercial paper.

“Founded in 2011, IMV is principally engaged in the business of interactive media technology including 360 captures, multi-camera stitching, dynamic streaming, digital live optimization, multicamera and multi-input synchronization, digital transmission and observation, multichannel, capturing multi-panoramic views, camera to image identification, internal GPS to capture data capturing,” DDH said.

Its technology has been used by Samsung for “live and VOD immersive experiences from soccer matches to surf competitions and concerts,” by MTV for the 360-degree broadcast of the VMAs, and by sportswear firm Nike for commercials featuring soccer star Neymar.

DDH also says that IM360’s VR production of Taylor Swift’s “Blank Space” music video earned an Emmy award for outstanding original interactive programming.

“As virtual reality and 360 production and distribution would become the core part of [DDH’s] business in the coming years, [DDH] considered that it would strategically be desirable to acquire control of IMV and (therefore indirectly) the technology that is licensed to IM360,” the company said in a filing.

Filed Under:

Want to read more articles like this one? SUBSCRIBE TO VARIETY TODAY.
Post A Comment 1