Technicolor, the French post-production and media company, said it is acquiring Mr. X, a Canadian visual effects business known for its work on such TV shows as
The Paris company said it had reached an agreement to buy Mr. X for an undisclosed sum. Mr. X employs 200 workers in Toronto and New York who will join Technicolor's production services division that includes the Academy Award-winning MPC (the Moving Picture Co.).
The deal needs approval from the Canadian government. Technicolor would use Mr. X to significantly expand its visual effects business in the rapidly growing television business and in international film markets. It also would enable Technicolor, which has a large operation in Hollywood, to take advantage of generous film tax credits that are available to post-production companies in Toronto.
FOR THE RECORD:
Mr. X: In the June 10 Business section, an article about Technicolor's acquisition of Mr. X misspelled the name of a TV show the studio is working as "The Stain." The show is called "The Strain." —
Mr. X President Dennis Berardi will continue to head the company, which will operate as Technicolor's visual effects unit for television. He will report to Tim Sarnoff, Technicolor's president of production services.
"This significantly increases the spectrum of services we can offer our clients," Sarnoff said. "Having Dennis Berardi's leadership and his incredibly creative team join Technicolor gives us unrivaled talent, expertise and capacity."
Once one the world's largest processors of film prints, Technicolor in the last year closed its film operations, including a lab in Glendale, to focus on digital operations.