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Cyper Media Acquires Joongang Movie Ent., Takes on Pixar
Computer animation studio Cyper Media, in a deal worth $2 million, has just acquired 13-year-old Joongang Movie Ent. Co., Ltd., a producer of animated content for the Pok’mon franchise. Cyper, which provides services to television, commercial and film industries globally, will issue four million restricted shares in exchange for 100% of the shares of Joongang. It was after an August 20th co’venture agreement that the two companies agreed to a merger.
Joongang has more than 60 clients among OEM Japanese TV shows as well as numerous clients in Europe. Cyper (http://www.cypermedia.com) develops and produces digital animation for television, short films, CG features, music videos and various multi-media applications.
Strengthened by the acquisition, Cyper is jumping on the bandwagon of CG shops out to challenge Pixar’s dominance in the 3D computer animated feature realm. It is currently producing the $15-million feature film The 5th Glacial Epoch, which has a distribution letter of intent by MGM.