Multiple reports over the weekend have suggested Technicolor Group, which owns UK post houses The Moving Picture Company and The Mill, is on the verge of closure.
An email sent to employees in the United States, and published by multiple outlets, warned that the company “may be required to cease our US operations as early as Monday, February 24, 2025.”
This is due Technicolor facing what it describes as “severe financial challenges”. In the email, the company added that it had been “unable to secure a viable path forward” depsite “exhaustive efforts — including restructuring initiatives, discussions with potential investors, and exploring acquisition opportunities”.
A separate email sent to UK employees said Technicolor Creative Studios UK Limited intends to file for administration today.
“Administrators from Interpath Advisory will be appointed to handle the affairs of the UK entity, TCS UK limited, and will be responsible for liaising with all UK employees,” it added.
It’s thought the closure could impact over 10,000 VFX and animation workers around the world.
In October, it was reported that Technicolor was in talks with other media and investment groups about a sale of the privately owned business.
At the height of the pandemic, Technicolor filed for Chapter 15 in the United States, which enabled it to seek to protect the company’s US-located assets from enforcement proceedings or direct appropriation by individual creditors
In May 2021, the company’s post production unit was acquired by Streamland Media, with the VFX, motion graphics and animation business operated by Technicolor Creative Studios; which was subsequently spun off as a publicly independent company.
The company is currently owned by a group of its former lenders and investment funds including Farallon Capital, Barings and Pimco.
Technicolor remains one of the world’s oldest filmmaking technology companies and has been around since 1916.
