×
You will be redirected back to your article in seconds

Management to Gain Control of Digital Domain Holdings

Daniel Seah, the young Chinese banker who chairs Digital Domain Holdings, is leading a management buyout of the storied visual effects firm.

In a regulatory filing with the Hong Kong Stock Exchange it was explained that Seah will pay $512 million (HK$3.97 million) for a 25% stake. The stake is being bought from Zhou Jian, former chairman and top shareholder.

The company said that Seah intends to use the entire stake “for the sole purpose of establishing an incentive scheme or arrangement for the benefit of the existing and future management.”

“Seah believes that it is important for the interest of the management and shareholders of the company to be aligned so as to speed up the realisation and fast development of the strategic goal of the company and maximise the value of the company,” the company said.

Digital Domain 3.0, a financially-restructured iteration of the troubled Los Angeles-based visual effects firm, was bought by Hong Kong listed scrap materials and property company Sun Innovation in July 2013. The listed company subsequently changed its name to Digital Domain Holdings. India’s Reliance MediaWorks holds a 30% stake.

In the past year Digital Domain Holdings has increasingly focused on virtual reality and character businesses. But in a second filing, the company was obliged to deny that it is planning to pull out of the old property and trading activities.

More Biz

  • Singer-rapper Psy performs during the 70th

    YG Agency Boss Quits as K-Pop Scandals Expand

    Yang Hyun-suk last week resigned from his remaining positions at YG Entertainment. The talent agency he co-founded is deeply mired in a series of inter-linked scandals that stretch from drugs to prostitution. Problems started with the band Bigbang and its star Seungri, but now also encompass other YG artists. Hwang Bo-kyung was appointed as the [...]

  • NEW YORK, NY – JUNE, 24:

    LGBTQ Stars Honored at Variety’s Power of Pride Celebration

    New York City felt the full power of pride on Monday, as Variety celebrated its inaugural issue devoted to the annual recognition of LGBTQ people worldwide. At an intimate gathering at Mr. Purple, the rooftop bar at Hotel Indigo Lower East Side in Manhattan, Variety’s cover stars and luminaries gathered for cocktails and the unveiling [...]

  • Motown Seeks to Block 'O-Town' Trademark

    Motown Seeks to Block 'O-Town' Trademark

    UPDATED: The boy band O-Town briefly rose to fame in 2000, with a star turn on MTV’s reality series “Making the Band.” But the reformed group has just one obstacle to its efforts to trademark its name: Motown Recordings. The label’s parent company, Universal Music Group, is trying to block the band from registering “O-Town” [...]

  • Alyssa Milano

    Alyssa Milano Settles $10 Million Suit With Former Accountant

    Actress Alyssa Milano has settled a legal battle with her former accountant as the case was on the verge of going to trial. Milano and her husband, agent David Bugliari, filed suit in 2017, alleging that accountant Kenneth Hellie had forged her signature on checks, failed to pay overdue bills and taxes and allowed costs [...]

  • J Balvin ‘Amicably’ Parts Ways With

    J Balvin ‘Amicably’ Parts Ways With Longtime Manager Rebeca Leon

    J Balvin and his longtime manager Rebeca León have “amicably” parted ways, reps for the singer and León confirmed to Variety. The news was first reported by Billboard. León — who also oversees the careers of fast-rising Spanish singer Rosalia as well as Colombian superstar Juanes, with whom she founded Lionfish Entertainment — began managing Balvin early in his career [...]

  • Ann Sarnoff Headshot

    Warner Bros. Taps BBC Studios Americas Chief Ann Sarnoff as CEO (EXCLUSIVE)

    Warner Bros. has tapped BBC Studios Americas president Ann Sarnoff as its new CEO, a surprise pick that is sure to shake up the venerable studio. Sarnoff becomes the first woman to head Warner Bros. in its nearly 100-year history. She was under the radar during WarnerMedia’s search for a successor to lead the studio [...]

More From Our Brands

Access exclusive content