Panavision has reached an agreement to acquire postproduction technology innovator Light Iron. Financial terms of the deal were not disclosed.
The acquisition leverages the strengths of high precision camera system manufacturer, designer and rental provider Panavision with digital workflow solutions provider Light Iron to offer turnkey technology solutions from pre-production through delivery.
With facilities in Los Angeles and New York City, Light Iron will operate as a wholly owned subsidiary of Panavision, maintaining its executive leadership and talent. Light Iron’s OUTPOST Mobile Post Systems will be available at Panavision rental facilities worldwide.
“This acquisition is an opportunity to leverage the strength and innovation of the Panavision brand with the entrepreneurial spirit of Light Iron,” said Kim Snyder, CEO and president of Panavision. “By joining forces, we can better serve our clients, providing a full portfolio of creative choices and an efficient, seamless experience.”
Michael Cioni, CEO of Light Iron, remarks that Panavision is an ideal partner to extend Light Iron’s international reach. “The fusion of our two companies, and the creation of new optimized tools, will mark the beginning of a new era in digital acquisition and delivery on a global scale.”
Light Iron was founded in Los Angeles in 2009 by brothers Michael Cioni and Peter Cioni, along with a core team of experts. Embracing emerging digital tools for content creation from its very beginning, the company has grown into a leading provider of mobile dailies, archival services, offline editorial rental, finishing and delivery. Through both their suite of OUTPOST systems and premium DI services, Light Iron supports high-resolution 6K acquisition formats and UHD delivery. Known for providing post workflows that minimize time, maximize image fidelity and increase creative control, Light Iron sports credits that include features such as Gone Girl, John Wick, and Muppets Most Wanted; commercial campaigns for Gap and Mercedes-Benz; and TV shows Transparent and Madam Secretary.
Snyder said that Panavision and Light Iron together “are poised to offer creative clients a deeper and more progressive level of support and services across all market segments. This union uniquely positions us both to serve the industry through collaboration, advanced engineering and optimized services–all over the world.”
