Iconic visual effects studio Technicolor begins shutting down operations
The Technicolor Group has begun shutting down operations in multiple countries in bleak news for visual effects artists.
The Paris-based visual effects, motion graphics, and animation giant operates brands like The Mill, Moving Picture Company (MPC), and Mikros Animation, all of whose work ranges from 1940's Pinocchio, the Harry Potter films, 2024's Mufasa: The Lion King, to the Oscar-nominated Emilia Perez.
In a letter that was sent to UK employees on Sunday, the group said it had been 'experiencing difficulties' due to 'post-Covid recovery, a costly and complex separation from the previous group followed by the writers' strike'.
A similar letter was sent to US staff on Friday, part of a WARN (Worker Adjustment and Retraining Notification) Act notice, which said that group was shutting down the US offices of The Mill, MPC Advertising, and Mikros Animation, citing 'severe financial challenges'.
The letter, first published by Reel 360 News, also stated that operations would close as soon as Monday (24 February).
A letter to French workers was also sent over the weekend, which stated that the group had 'applied to the Paris Commercial Court to open receivership proceedings', according to Deadline.
Indian media has also reported that Technicolor's Indian employees, around 2,000 in number, have been asked not to report to work until further notice.
On Monday, Nick Holloway and David Pike from the advisory firm Interpath were named as joint administrators in the UK.
According to reports, the directors at the UK division looked at a sale, but were unable to find a buyer, which led to the 'difficult decision to file for the appointment of administrators', Interpath said in a statement.
Administration refers to a legal process where a company unable to pay its debts is placed under an administrator, who will attempt to save the business using various means, like restructuring, selling, or managing its assets.
'Immediately following their appointment, the majority of the Company's activities have ceased. As a result, and with regret, the majority of the Company's circa 440 employees in the UK have been made redundant,' the statement added.
'Unfortunately, the economic headwinds which are affecting companies right across the creative industries have proved too challenging to overcome, which has led to Technicolor's UK business being placed into administration today,' Holloway added.
It is still unclear exactly how many will be impacted and in what ways, but with offices in the US, UK, India, South Korea, and Canada, the Technicolor Group employs over 10,000 worldwide.
It is equally unclear what happens to projects under progress, like Disney's Snow White and Lilo and Stitch, and Paramount's Mission Impossible – The Final Reckoning under MPC, as well as Paramount and Nickelodeon's Teenage Mutant Ninja Turtles 2 under Mikros.
The Independent has reached out to Technicolor for comment.
Founded in 1915, Technicolor worked on its first film, The Gulf Between, in 1917. It has gone through multiple restructurings and management changes since it filed for bankruptcy protection in 2020. Technicolor Post was sold to Streamland Media for $36.5m in 2021, which merged its operations with all of Streamland's businesses.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
11 Colorado companies named among top workplaces in nation: US News
DENVER (KDVR) — Some Colorado companies are considered to have the best workplaces in the United States, based on a new report. U.S. News & World Report releases an annual list of the best companies to work for, and this year, 11 Colorado-based companies made the list. The list is created from metrics on how well companies support their employees, including quality of pay and benefits, work-life balance, professional development and physical and psychological comfort. Colorado's seasonal produce won't be in stores for weeks Out of the almost 500 companies on the 2025-2026 list of best companies to work for, several are headquartered in Colorado. U.S. News & World Report named these Colorado-based companies as some of the best in the U.S.: Company Industry Location Aimco Real estate and facilities management Denver CSG Information technology Englewood DHI Group, Inc. Consulting and human resources Centennial Gogo Media and communications Broomfield Leprino Foods Consumer products Denver Liberty Broadband Media and communications Englewood Liberty Energy Inc Energy and resources Denver National Bank Finance and insurance Greenwood Village Sage Hospitality Hospitality and entertainment Denver UMB Finance and insurance Denver Zynex Medical Health care and research Englewood While several Colorado companies are listed, these aren't the only companies in Colorado considered to have some of the best workplaces. Denver among best, while other metro city among worst places to raise a family: Study Forbes released a list earlier this year naming the best employers in America, including Colorado companies like Children's Hospital Colorado, University of Colorado Denver | Anschutz Medical Campus and Colorado State University-Fort Collins. Meanwhile, Fortune released a list of the best companies to work for this year as well, naming PCL Construction as one of the top 100 places to work in the country. To see how each company ranked in factors like quality of pay, work-life balance, stability, comfort and professional development, the full report can be found on U.S. News & World Report. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Los Angeles Times
26 minutes ago
- Los Angeles Times
Home Depot caught in the crosshairs of L.A. immigrations raids
America's best-known hardware store chain, Home Depot, has found itself at the center of the federal immigration raids in Los Angeles, and the subsequent protests. On Friday, a Home Depot in the Westlake neighborhood was among several locations hit by federal agents, who also raided Ambiance Apparel in the garment district in downtown L.A. as part of a crackdown that led to the arrests of dozens of people. The arrests outside Home Depot targeted day laborers hired by the chain's customers, including homeowners and contractors who rely on undocumented workers for home repair and construction jobs. Day laborers have been crucial to rebuilding efforts after Los Angeles County's devastating January firestorms. On Saturday, a Home Depot in the predominantly Latino suburb of Paramount, which is south of Los Angeles, also became the site of clashes between protesters and authorities. After a weekend of protests, officials also carried out raids at Home Depot locations in Whittier and Huntington Park on Monday morning, and reports of additional raids at other Southern California Home Depot locations spread across social media. A spokesperson for Home Depot confirmed Monday that the company had not been notified of any of the raids at its locations ahead of time and that the company was not involved in any of the operations. The Atlanta-based chain now faces a difficult situation, with its locations serving as a frequent site of raids, potentially turning away customers. Home Depot shares closed at $36.20, down 0.6%, on Monday. The company reported revenue of nearly $40 billion in its fiscal first quarter this year, up 9% from a year earlier. Net earnings for the quarter were $3.4 billion, down from $3.6 billion during the same period last year. It's not the first time the company has made headlines as the subject of controversy. Home Depot's co-founder Bernie Marcus donated at least $14 million to support Donald Trump's first presidency and pledged to support his reelection bid. Marcus, who died in 2024, had a reputation as a Republican megadonor. Protesters called for a boycott of the company in 2019 over his donations. The chain has tried to distance itself from its founder, stressing that he left the company in 2002 and that his donations and statements were not on behalf of Home Depot. Home Depot locations have been for decades convenient spots for contractors and those embarking on home improvement projects to hire skilled laborers. The construction industry in Southern California depends heavily on immigrants and day laborers, a reliance that has been highlighted by recent fire recovery efforts in the region. Jorge Nicolás, a senior organizer at a day labor center run by the Central American Resource Center, or CARECEN, said day laborers often take on undesirable jobs or jobs with tough conditions, making them crucial to many construction jobs. 'The majority of immigrant workers usually are used to help developers control construction costs and stay within the timelines that they have projected,' he said. 'Those are the extra hands that are needed.' Nicolás was in Westlake on Friday when immigration officials carried out a sweep outside of the Home Depot there. CARECEN's day labor center is just minutes away from the store. He described the scene as chaotic, and even workers who he knows have legal status were fleeing in fear, he said. 'We felt powerless,' Nicolás said. 'They're not arresting motorcycle gang members. They're not arresting international drug dealers. They're arresting grandpas. They're just arresting people that are very humble and looking for an opportunity, just trying to get a decent living.' By Monday afternoon, the parking lot of the Home Depot in Huntington Park was busy, with nearly 100 cars and pickup trucks filling the lot. There were few signs that a raid had taken place just hours earlier, but Bradley Cortez and his friends stood in the lot, keeping their eyes peeled. They came shortly after they got word of the raid, but Cortez said they were too late. He drove from Bellflower, roughly 10 miles south of Huntington Park, in hopes of helping the 'hardworking men' who were being targeted by immigration officials. 'I'll put my life at risk because I've I got papers. I was born here, so if I'm able to help somebody, of course I'll help them,' said the 23-year-old, who works in construction and frequents Home Depot locations himself to find jobs. 'It is a little scary being out here, but that's what is being brave about,' he said. 'Being brave is when you're scared. And I'm being brave for my people.' Times staff writer Ruben Vives contributed to this report.
Fox News
27 minutes ago
- Fox News
'Harry Potter' actor stands by JK Rowling at Tony Awards amid criticism of transgender views
"Harry Potter" actor Tom Felton defended JK Rowling at Sunday night's Tony Awards after being asked about the fierce liberal backlash she's received for her views on gender and biology. The British actor was on the red carpet at the awards show Sunday, where he was interviewed by Variety about reprising his role as Draco Malfoy in the Broadway play, "Harry Potter and the Cursed Child." The play, based off an original story co-authored by Rowling, takes place 19 years after the final "Harry Potter" novel. Felton was asked if the controversy surrounding Rowling's transgender views had affected his work at all, which he denied. Rowling has been a strong advocate for single-sex spaces for women and repeatedly been labeled as transphobic by far-left activists. "No, I can't say that it does. I'm not really that attuned to it," Felton said before praising the series' author. "The only thing I always remind myself is that I've been lucky enough to travel the world — here I am in New York — and I have not seen anything bring the world together more than 'Potter,'" Felton explained to Variety. "And she's responsible for that, so I'm incredibly grateful." Felton previously expressed his admiration for the author in a 2022 interview as she faced criticism from transgender activists for her views. "I am quick to remind myself and others that 'Potter' for some reason has brought more people together across the world and more generations than probably anything else has in the past 20 years, and I'm quick to celebrate that," he told The Times of London in a 2022 interview. "It came from one person, and that's her, so I'm very grateful." Rowling's hugely popular book series, which launched the hit film franchise which Felton starred in, has not lost its appeal with fans. Beyond the Broadway play, the series is also being adapted into an upcoming HBO television series. Felton shared his excitement at reprising his Potter role all these years later with his Broadway debut. "I think we all thought that the fandom flame might be doused over the years, but clearly it's not," he said. "The most exciting part is to do it live. It took nine months, more or less, to shoot a film, and this is all compact. This is all reimagined into a very loving, new type of story. And I get to be a dad, which is really fun."
