Burbank-based visual effects specialist Stereo D is planning to shrink its California employee base as part of its upcoming move to open a Toronto office.
The company asked employees Thursday if they would be willing to relocate to the Toronto office, which will open in November with about 100 workers.
Stereo D will keep its Burbank headquarters but with a smaller number of employees at that location.
“We are looking to expand with a Toronto facility, though no lease has been signed to add to our Burbank, Pune (India), London and Sydney studios,” company president William Sherak told Variety. “Burbank will remain our headquarters.”
The Burbank headquarters will operate with a smaller staff. The five-year-old company, which employs more than 300, has no plans for layoffs.
Stereo D, which provides conversion of movies to a 3-D format, is part of Deluxe Entertainment Services Group. Sherak, the son of the late Tom Sherak, co-founded the company, which has worked on “Star Trek Into Darknes,” “Titanic 3D,” “The Avengers,” “Captain America” and “Jurassic Park 3D.”
California has seen a continuous erosion of production and post-production to other states and countries with more lucrative incentives. California legislators have been pushing to broaden the current incentive program — currently capped at $100 million a year and excluding films with budgets over $75 million — with key votes coming in the State Senate in August.
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The Los Angeles Times first reported the news.