LOS ANGELES, April 22, 2015 /PRNewswire/ -- Deluxe and Technicolor announced today that they have entered into a binding agreement to create a new digital cinema joint venture, Deluxe Technicolor Digital Cinema, which will specialize in theatrical digital cinema mastering, distribution and key management services.
This joint venture in digital cinema will bring together best-in-class technologies, personnel, work processes and facilities to provide seamless and exceptional services to its customers on a greater global scale.
Both Technicolor and Deluxe will be committed to the operational and financial success of the new business, which will be managed by Deluxe and based in Burbank, Calif. All other lines of business will continue to operate independently of one another.
"As the global entertainment industry continues its transition to 100 percent digital distribution and delivery, this transformational partnership will be optimally positioned to offer our companies' existing and future customers industry-leading digital cinema services with greater efficiencies," said David Kassler, CEO of Deluxe Entertainment Services. "This is yet another example of Deluxe expanding our partnerships to deliver a suite of next generation digital cinema services to our industry customers."
"This partnership puts us in a stronger position to offer industry-leading digital cinema services around the world," stated Tim Sarnoff, President of Production Services at Technicolor. "At Technicolor we have committed ourselves to services that are driven by creative talent and technology, creating the next generation immersive media experiences our customers have come to expect from us."
This joint venture is subject to customary closing conditions and is expected to close in the second quarter of 2015.
Technicolor, a worldwide technology leader in the media and entertainment sector, is at the forefront of digital innovation. Our world class research and innovation laboratories enable us to lead the market in delivering advanced video services to content creators and distributors. We also benefit from an extensive intellectual property portfolio focused on imaging and sound technologies, based on a thriving licensing business. Our commitment: supporting the delivery of exciting new experiences for consumers in theaters, homes and on-the-go. Euronext Paris: TCH www.technicolor.com
About Deluxe Entertainment Services Group Inc.
Deluxe Entertainment Services Group Inc. is a global leader in media and entertainment services across film, video and online content from capture to consumption. Since 1915, Deluxe has been the trusted partner for the world's most successful Hollywood studios, independent film companies, TV networks, exhibitors, advertisers and others, offering best-in-class solutions in production, post production, distribution, asset and workflow management and new digital solution-based technologies. With operations in Los Angeles, New York and around the globe, the company employs nearly 6,000 of the most talented, highly honored and recognized artists and industry veterans worldwide. Deluxe is a wholly owned subsidiary of MacAndrews & Forbes Incorporated. www.bydeluxe.com