Production Services streamlines Portfolio to Strengthen Focus on VFX and Animation with Sale of Technicolor Post
New Year Update:
Services streamlines Portfolio to Strengthen Focus on VFX and
Animation with Sale of Technicolor Post
Board Observer appointed
Paris (France), 14 January 2021
– Technicolor (Euronext Paris: TCH; OTCQX: TCLRY)
announces today (i) that Streamland Media is purchasing the
Technicolor Post business, subject to customary closing conditions,
(ii) a share purchase by the CEO and (iii) the appointment of a new
Richard Moat, Chief Executive Officer of
“Today’s announcements reaffirm our commitment
to a stronger future for Technicolor. The strategic sale of
Technicolor Post is part of our long-term vision for Production
Services to focus on VFX and animation for the entertainment
industry, and creative services and technologies for the
advertising industry, which provide the maximum value to our
clients. We will continue to focus on these core areas through our
award-winning creative studios The Mill, MPC, Mr. X and Mikros
Animation. Moreover, my personal investment in Technicolor shares
marks my commitment to our transformation and my confidence in
Technicolor Post Sale
- Streamland Media has agreed to purchase the Technicolor Post
business for €30 million.
- The sale, which is subject to customary closing conditions, is
expected to close during the first half of 2021.
- This move strengthens Technicolor’s ability to focus on and
expand its flagship creative studios (The Mill, MPC, Mr. X and
Mikros Animation) specializing in CGI (including VFX and
animation), which is in increasing demand across film, TV,
advertising, gaming and live events.
Overall Group Trading
The current performance of Technicolor’s
operating businesses is in line with the Group’s expectations.
Production Services has been awarded numerous new projects,
securing approximately two thirds of its expected 2021 sales
pipeline for Film & Episodic Visual Effects, and is in
negotiations for several more. Confirmed projects for 2021 include
Disney’s live-action adaptations of The Little Mermaid and
Pinocchio, and their recently announced The Lion King prequel.
CEO share purchase and new Board
It was previously announced to the market during
the financial restructuring process that Richard Moat, CEO of
Technicolor, would be buying shares in the company. Richard Moat
acquired 585,825 Technicolor shares during December at an average
price of €1.83, highlighting his commitment to the future of the
The Board of Directors has appointed Angelo,
Gordon & Co., L.P. as a Board Observer, and it will be
represented by Julien Farre, Managing Director at Angelo Gordon in
London. He joined Angelo Gordon in 2012 and is focused on European
corporate special situations and has represented the firm as a
board member on a number of, Angelo Gordon investments. Prior to
joining Angelo Gordon, Julien was an Executive Director at Goldman
Sachs, and previously worked at Bain & Company as an Associate.
Julien holds a Bachelor of Commerce degree from McGill University,
and an M.B.A. degree from the Wharton School at the University of
Pennsylvania. As of 31 December, Angelo Gordon held above 5% of the
share capital and voting rights.
Technicolor shares are admitted to
trading on the regulated market of Euronext Paris (TCH) and are
tradable in the form of American Depositary Receipts (ADR) in the
United States on the OTCQX market (TCLRY).
Christophe le Mignan: +33 1 88 24 32
Victoire de Brebisson: +33 1 53 70 65
- 01_14_2021_Technicolor New Year Update_VUS