As a seasoned cinephile with a keen eye for animation and a soft spot for European indie studios, I must say that the news of TeamTO’s acquisition by Riva Studios has piqued my interest. Having closely followed their journey since the success of “City of Ghosts” and “PJ Masks”, it’s disheartening to see such a talented team grapple with financial difficulties.
TeamTO, a prominent animation studio known for its indie French productions, declared insolvency in September. Recently, it has agreed to be acquired by Riva Studios, based in Milan, pending approval from the Paris Commercial Court. The court hearing initially scheduled for today has been rescheduled to November 20th.
TeamTO is the creative force responsible for the Emmy-winning Netflix children’s series “City of Ghosts” as well as popular kids’ shows like “PJ Masks,” “Elena of Avalor,” and more.
For about a year now, Riva and TeamTO have been working together on the adult animated show “Junichiro Jackson.” As stated by Guillaume Hellouin, President of TeamTo, “We initially began discussing a possible investment from Riva in our studio five months ago. However, such discussions often take time, and as things have picked up pace recently, the nature of our talks has evolved.
At first, TeamTo had offers from three different firms. However, according to Hellouin, Riva’s late proposal stood out as the most suitable option for their company, making it “the sole remaining offer”, as the other three did not align with their needs for diverse reasons.
The president of TeamTo has stated that, given the prolonged negotiations, the proposed terms appear advantageous. He’s had the opportunity to collaborate extensively with Balsamo in forming an acquisition proposal that should enable our operations to carry on with a semblance of normality.
He clarifies that we’ll ensure all ongoing projects are completed and handed over to our clients and associates as planned, while development on existing work-in-progress will continue uninterrupted.
After the recent acquisition, the most significant shift for TeamTo will be vacating their brand new, cutting-edge studio in Paris, which they opened at the end of 2022. This very studio, unfortunately, became a burden for TeamTo, leading directly to this week’s acquisition news.
2018 marked the beginning of our efforts to launch an eco-friendly studio. This initiative reduced our carbon emissions by approximately 63%. At the time, we were releasing about seven to eight animated productions annually, a number that had been on the rise for some time and we anticipated could reach up to twelve in the coming years.
As a movie enthusiast, I’ve noticed a significant shift in the European indie animation market due to the pandemic and subsequent cuts in commissions from international streaming platforms. Unfortunately, this has left TeamTo, one of my favorite animation studios based in Paris, producing only about three shows per year. While they assure me that this number is manageable moving forward, they emphasize that it can only continue if they decide to downsize their facility.
In our workspace, there are currently 50 individuals. However, it’s designed to hold up to 300. Given this financial imbalance, it’s essential for us to establish a more balanced situation,” he points out.
As per Helloin’s statement, achieving equilibrium might necessitate a decrease in workforce. All the existing fixed-term contracts will be honored, as mandated by French law, but there is a possibility that between 20-30% of the company’s temporary and permanent employees may be dismissed during the restructuring process.
The specifics about the takeover are yet to be finalized, pending regulatory consent, however, the current strategy appears to be that the existing TeamTO management team will continue to lead, while maintaining the current production pace at a reduced expense level, which has been consistent for the past couple of years.
As a passionate movie buff, I’m finding it crucial for us to trim our operational costs, so we can at least cover our expenses with the current level of engagement. This is the task at hand during our restructuring process.
Following the acquisition, TeamTO is set to undergo a major transformation, dividing into three distinct entities:
In a statement unveiling the Riva proposal, Corinne Kouper, Vice President of Production & Development at TeamTO, clarified that this move is intended to secure the future of the business, encompassing existing productions and upcoming projects. This will empower our teams to regain strength on firm ground, boasting a shareholder group with sufficient resources to maintain the business’s operation. Moreover, it will retain our globally recognized talent, backed by the continued support of our long-term, reputable clients and associates.
Jean-Baptiste Spieser, TeamTO’s Chief Technology Officer, expressed his enthusiasm: “I am eager to collaborate with Marco Balsamo and his team. Our Research and Development department at TeamTO has already made significant strides for the studio, but by partnering with Marco, we could take these advancements industry-wide. Together, we could create groundbreaking solutions that would empower animation artists globally, enabling them to fully express their creative talents.
Read More
- ACT PREDICTION. ACT cryptocurrency
- W PREDICTION. W cryptocurrency
- Hades Tier List: Fans Weigh In on the Best Characters and Their Unconventional Love Lives
- Smash or Pass: Analyzing the Hades Character Tier List Fun
- Sim Racing Setup Showcase: Community Reactions and Insights
- Understanding Movement Speed in Valorant: Knife vs. Abilities
- Why Destiny 2 Players Find the Pale Heart Lost Sectors Unenjoyable: A Deep Dive
- How to Handle Smurfs in Valorant: A Guide from the Community
- PENDLE PREDICTION. PENDLE cryptocurrency
- Dead by Daylight: All Taurie Cain Perks
2024-10-30 22:18