Cinesite, a leading independent visual effects and animation studio collective, has received a long-term funding package worth $215 million to support continued operations, technological innovation and strategic expansion.
The London-based group said financing — a series of transactions — was led by its longtime bankers NatWest alongside Barclays and Santander. Its shareholders, including family office Gryphion, supported the overall package of senior and junior debt and equity lines.
The financial commitment “underscores the company’s ambitions and confidence in the entertainment sector,” the company said, and “empowers Cinesite to overcome the challenges posed by recent industry disruption that has affected the entire sector.”
Disruption is right. The funding comes weeks after storied VFX giant Technicolor filed for bankruptcy in the UK and France and shuttered its U.S. operations, including The Mill. The leadership team and much of that creative staff joined forces with Dream Machine FX on a new venture called Arc Creative.
Cinesite said the industry, upended by Hollywood strikes and LA wildfires, “will now be considering how best to work with its supply chain to identify, develop, test and validate solutions that deliver more sustainable and robust collaboration between vendors, studios, and filmmakers.”
The group itself will continue to expand its production capabilities across animation, visual effects, immersive content and motion capture, while leveraging cutting-edge technologies and exploring the potential of generative AI.
Cinesite noted that amid upheaval it had retained as many of its highly skilled artists and technical talent as possible. “This commitment to talent, while impacting the company’s short-term financials, was crucial to maintaining quality and skilled expertise, allowing the company to continue servicing client projects without further disruption. Cinesite will capitalise on the growing demand for high-quality entertainment content worldwide while considering strategic acquisitions and partnerships to achieve its medium and longer-term objectives.”
“We have served this industry for over 30 years and in that time we have seen many changes; our longevity comes in part from our ability to adapt. In the next phase of our business you can expect to see us taking advantage of opportunities thrown up by the disruption of the past couple of years,” said Cinesite Group CEO Antony Hunt. “Thanks to the renewed commitment of our banks, shareholders and other stakeholders and the ongoing confidence our clients place in our services, we will continue to produce exceptional work for audiences, while fueling innovation and studio growth.”
Cinesite visual effects and animation projects include the Marvel Cinematic Universe, James Bond, and Harry Potter franchises, TV series The Witcher, The Mandalorian and Band of Brothers, Teenage Mutant Ninja Turtles: Mutant Mayhem and The Addams Family series. Upcoming projects include Warfare, Michael, G2O and a new Smurfs film and animated productions Iwájú for Disney+ and gaming cinematics such as Invincible: Guarding the Globe for Ubisoft.
