×

Sun Rises on Digital Domain Name (Exclusive)

Legendary visual effects monicker reinstated

HONG KONGSun Innovation, the Hong Kong-listed shell company that earlier this year acquired visual effects firm Digital Domain, is to be renamed Digital Domain Holdings Limited.

This weekend’s release of “Ender’s Game” on 3,407 screens through Lionsgate represents a major showcase for Digital Domain’s effects work. Digital Domain also part-financed the $110 million picture.

A proposal to change the Sun Innovation name will be put to shareholders at a special general meeting in Hong Kong on Nov. 28. The same meeting will also change the company’s Chinese name to 數字王國集團有限公司.

“With the completion of acquisition of 70% indirect ownership of Digital Domain 3.0 Inc… the group has expanded its principal business into the media entertainment sector. In order to align the company’s corporate image and identity with the group’s new business focus in the media entertainment sector the board proposes the name change. The board believes that the name change will benefit the company’s future business development and is in the best interests of the company and the shareholders,” Sun said in a circular.

The company will also change its logo website and stock market short codes.

Debt-laden Digital Domain Media Group filed for U.S. Chapter 11 bankruptcy protection in September last year, before selling the assets of Digital Domain Productions and Mothership Media to China’s Beijing Galloping Horse group and India’s Reliance MediaWorks.

In July this year, Galloping Horse agreed to sell its 70% share stake to Sun Innovation, a Bermuda-registered scrap trading and car parks company whose main asset was its listing on the main board of the Hong Kong Stock Exchange. At that point Digital Domain co-founder El Ulbrich stepped down as CEO. He was replaced by Sun Innovation candidate Daniel Seah, a senior mergers and acquisitions manager with Simsen International Finance Group, and who executed the complicated sale of Galloping Horse’s share stake.

The latest circular named Zhou Jian and Fan Lei as executive directors and Lau Cheong of Sun Innovation, with Duan Xiongfei and Adam Wong Ka Kong as independent non-executive directors.

“Ender’s Game,” on which Ulrbich is credited as producer and Galloping Horse’s Ivy Zhong is named as executive producer, is currently tracking for a $27 million opening frame in North America.

More Biz

  • Bert Salke and Jennifer Salke

    Feds Looked Into Amazon Studios Chief Jennifer Salke in College Admissions Scandal

    Federal investigators looked into Amazon Studios chief Jennifer Salke and her husband, Fox 21 Television Studios president Bert Salke, as they conducted a sprawling probe of cheating in elite college admissions, a source close to the case told Variety. It does not appear, however, that prosecutors will charge the Salkes in the case. The Salkes [...]

  • Variety Cord Cutting Placeholder Cable

    Big Blackout Looms as CBS, AT&T Go Down to Wire on Renewal Talks

    A blackout affecting CBS stations in major markets throughout the country looms as CBS and AT&T executives go down to the wire on negotiations for a retransmission consent deal covering 28 O&O stations. The sides have sparred publicly during the past few days as 11 p.m. PT Friday expiration of the previous contract approached. AT&T [...]

  • Contract Placeholder Business WGA ATA Agent

    ICM Responds to WGA Packaging Lawsuit: Claims are 'Baseless' and 'Absurd'

    ICM Partners has asked a judge to dismiss the lawsuit filed against four major talent agencies by the Writers Guild of America as part of the larger war between agencies and the guild over packaging fees on TV series and movies. The guild sued ICM, CAA, WME and UTA in California state court in April, [...]

  • New York City NYC Placeholder

    CityFM Podcast Takes a Deep Look at New York’s Music Scene (Listen)

    First among the many projects listed at the beginning of New York Music Month in June was a WNYE radio show and podcast called CityFM that promised to “explore the city’s music culture, emerging artists and trends, and upcoming events told through the lens of what’s happening around the city in Summer 2019.” And while [...]

  • Live Nation Logo. (PRNewsFoto/Live Nation)

    Live Nation Confirms Placing Tickets Directly on Secondary Market at Artists’ Request

    Representatives for Live Nation, the world’s largest live-entertainment company and owner of Ticketmaster, confirmed that it bypassed conventional channels and directly placed thousands of concert tickets on the secondary market upon artists’ request, in an article published in Billboard. In a statement shared with Variety, the company acknowledged that it has facilitated the transfer of [...]

  • Costume designer Michele Clapton

    Costume Designers Fashion a Plan to Fight for Pay Parity in Upcoming Contract Talks

    The Costume Designers Guild Local 892 is gearing up to fight for pay equity in its 2021 contract negotiations with the Alliance of Motion Picture and Television Producers, establishing a pay-equity committee to raise awareness of the scale disparity between the mostly female CDG membership and the mostly male membership of the Art Directors Guild Local [...]

More From Our Brands

Access exclusive content