A company with ties to visual effects/animation house Prana Studios–with offices in L.A. and a subsidiary in Mumbai, India–has submitted the winning bid to acquire Rhythm & Hues, the Oscar-winning VFX studio that filed for Chapter 11 bankruptcy protection last month. The purchase price is about $30 million, with the deal receiving final approval from the U.S. Bankruptcy Court on Friday after a brief delay when two former bidders filed objections.
The acquisition of Rhythm & Hues is being made by 34×118 Holdings, a wholly owned affiliate of Prana. The new owner assumes responsibility for some $16 million in loans from Universal Studios and 20th Century Fox which have helped Rhythm & Hues to keep operations going this past month–despite the layoff of 250 employees–so it could complete VFX work on current projects, including the features Percy Jackson: Sea of Monsters for Fox, and R.I.P.D. for Universal.
Prana reportedly beat out bids that included one from Psyop, another from India’s Prime Focus (which already maintains operations in Hollywood), and a Chinese venture affiliated with the president of film distribution company China Lion. The original stalking horse bidder–one intended to spark other competing bids–was JS Communications, a South Korean entertainment firm that pulled out of the running last week.
A visual effects team–led by Bill Westenhofer of Rhythm & Hues–won the Best Visual Effects Oscar last month for Life Of Pi, just 11 days after Rhythm & Hues filed for bankruptcy.
Gene Hackman Died Of Heart Disease; Hantavirus Claimed His Wife’s Life About One Week Prior
Actor Gene Hackman died of heart disease a full week after his wife died from hantavirus in their New Mexico hillside home, likely unaware that she was dead because he was in the advanced stages of Alzheimer's disease, authorities revealed Friday. Both deaths were ruled to be from natural causes, chief medical examiner Dr. Heather Jarrell said alongside state fire and health officials at a news conference. "Mr. Hackman showed evidence of advanced Alzheimer's disease," Jarrell said. "He was in a very poor state of health. He had significant heart disease, and I think ultimately that's what resulted in his death." Authorities didn't suspect foul play after the bodies of Hackman, 95, and Betsy Arakawa, 65, were discovered Feb 26. Immediate tests for carbon monoxide poisoning were negative. Investigators found that the last known communication and activity from Arakawa was Feb. 11 when she visited a pharmacy, pet store and grocery before returning to their gated neighborhood that afternoon, Santa Fe County Sheriff Adan Mendoza said Friday. Hackman's pacemaker last showed signs of activity a week later and that he had an abnormal heart rhythm Feb. 18, the day he likely died, Jarrell said. Although there was no reliable way to determine the date and time when both died, all signs point to their deaths coming a week apart, Jarrell said. "It's quite possible he was not aware she was deceased," Jarrell said. Dr. Michael Baden, a former New York City medical examiner, said he believes Hackman was severely impaired due to Alzheimer's disease and unable to deal with his wife's death in the last week of his life. "You are talking about very severe Alzheimer's disease that normal people would be in a nursing home or have a nurse, but she was taking care... Read More