London-based VFX studio Framestore has reportedly agreed to be taken over by Shenyang, China-based Cultural Investment Holdings (CIH).
According to The Guardian, CIH plans to take a 75% share in the VFX company, with Framestore's management team (including CEO and founder William Sargent) remaining on board and retaining a minority stake. The deal values Framestore at "nearly £150m," the report said — about $187 million.
The deal will help Framestore get a foothold in the Chinese and Indian film markets, Sargent told the newspaper.
CIH was formerly known as Songliao Automotive, but the industrial conglomerate underwent an expansive restructuring in 2014 with the aim of getting into the entertainment business.
Framestore was founded in 1986, grew through the acquisition of CFC in 1997, and since then has opened offices in Montréal, New York City, and Los Angeles. Among the company's recent triumphs is the Oscar-winning VFX work on Gravity, supervised by Framestore's Tim Webber.
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