| Prime Focus close to acquiring two US firms |
| BS Reporter / Mumbai November 22, 2007 |
| Mumbai-based Prime Focus, a post-production and visual effects service company, announced that it is in discussions with two firms based in North America for acquisitions. It will be done either directly or through its subsidiaries (together the "Prime Focus Group"). It was earlier reported, that the company is close to acquiring a special effects studio situated on the west coast of the United States. The deal size is reportedly pegged at around $100 million or under Rs 400 crore. The US firms operate post-production and visual effects businesses catering both to the film and the television broadcast industries. Prime Focus believes that the proposed acquisition would be in line with its strategy of acquiring companies which are strategically located, have a verifiable track record, relationships and a talent pool but due to a variety of reasons are not generating profits. The company intends to utilise its management capabilities and industry knowledge to turn around such loss making entities (including the proposed acquisition) into profitable businesses and create a global business model. In the last 18 months Prime Focus has already carried out a similar exercise with VTR for |
