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Prime Focus Sells UK Broadcast Post Biz

NEW COMPANY BLUE 2.0 WILL EMPLOY MAJORITY OF PRIME FOCUS STAFF

primePrime Focus has sold its UK broadcast post production business to a new company called Blue 2.0. Under the terms of the agreement, which both parties expect to be finalised last month, Blue 2.0 will take over the Prime Focus UK Broadcast facility at 58 Old Compton Street and the provision of its long-form, drama, short-form, entertainment and DI services. The new company will employ the majority of the current Prime Focus staff, and the phased transition of the business to the new owners will begin immediately. The specific terms of the transaction have not been disclosed and they do not exceed prudent financial materiality thresholds. Prime Focus is retaining its content services offering (which provides services to long-standing clients such as the BFI and the Imperial War Museum), and a number of largescale contracts with clients such as Red Bee Media, a major car manufacturer and a global consumer product brand. These contracts will continue to be serviced by Prime Focus staff from the company’s facility at 2 Bourchier Street. Prime Focus managing director Ramki Sankaranarayanan said, “The divestment of this business allows us to concentrate our full efforts on our core creative services divisions (Prime Focus World and Double Negative) and our cloud technology business (Prime Focus Technologies) in addition to the broad spectrum of media services business in India.” Blue 2.0 managing director Parvinder Bhatia said: “Backed by a group of private equity investors, Blue 2.0 will offer broadcast clients a boutique post production offering with a focused approach and a personalized service. The company plans to be a major new player in the broadcast post production space and plans are underway to add more capacity and additional service offerings such as VFX to the existing post offering very soon.”

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