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Sports Ventures Acquisition Corp. (AKIC) announced plans to dissolve and liquidate due to the inability to complete an initial business combination within the required timeframe. The company will redeem its Class A common stock at approximately $10.12 per share. Liquidation actions are underway to disburse funds from the trust account, with expected completion by December 29, 2022. The sponsor will waive its redemption rights for Class B common stock, while warrants will expire worthless.
DNEG and Sports Ventures Acquisition Corp. have mutually agreed to terminate their business combination agreement due to unfavorable SPAC market conditions. DNEG recently reported strong year-over-year revenue growth and a robust pipeline of new business, reflecting high demand for its visual effects and animation services. Despite the termination, executives expressed optimism for DNEG’s future, citing a multi-year deal extension with Netflix through 2025. Sports Ventures will explore other acquisition opportunities going forward.
DNEG, a prominent visual effects and animation studio, has appointed Erika Burton as President of its Animation arm. She will share leadership duties with current President Tom Jacomb. Burton, who previously served as President of VFX Production at DNEG, brings experience from Disney Animation and DreamWorks. The Animation division has expanded significantly, now employing around 850 staff globally. DNEG Animation is working on several projects, including 'Nimona' and 'Garfield'. The merger with Sports Ventures Acquisition Corp. (NASDAQ: AKIC) is anticipated to finalize in mid-2022.
DNEG reported strong financial results for the year ended
DNEG, a leading visual effects and animation studio, has announced the upcoming launch of xSTUDIO, a modern playback and review application tailored for filmmakers. Designed to replace existing image review tools, xSTUDIO will support Linux, Mac, and Windows platforms. The application will be made available as an open-source project, enabling industry partners to integrate it into their workflows. DNEG aims for xSTUDIO to become the industry-standard tool for collaborative media review. The beta version is expected to launch later this year, providing a feature-rich platform for enhanced collaboration.
DNEG has signed a new multiyear agreement with Netflix (NFLX) for visual effects (VFX) and virtual production services.
This deal extends their previous partnership from September 2020 and ensures a steady pipeline of work for DNEG until 2025.
DNEG aims to increase its capacity by 40% by the end of 2022 to meet demand. The collaboration will support various upcoming Netflix projects, including major titles like 'Stranger Things' Season 4 and 'Knives Out 2.'
DNEG has opened its fourth studio in Toronto, hiring over 150 employees as part of its Canadian expansion. The studio aims to hire 200 employees in its first year, responding to increased demand for its VFX and animation services. DNEG now employs more than 1,500 staff across Canada, with significant numbers in Montreal and Vancouver. The company plans to capitalize on opportunities in adjacent markets like gaming and the metaverse, while maintaining a flexible workforce model amid ongoing COVID-19 precautions.
DNEG, a top visual effects and animation company, and Sports Ventures Acquisition Corp. (AKIC) have filed an amended proxy statement with the SEC related to their proposed business combination. This merger is anticipated to close in the first half of 2022, pending stockholder approval. Post-transaction, DNEG will operate under its name and trade on NASDAQ with the new ticker 'DNGG'. The strategic importance of this merger positions DNEG for enhanced growth in the entertainment sector.
DNEG and Sports Ventures Acquisition Corp. (NASDAQ: AKIC) announced the filing of a preliminary proxy statement with the SEC regarding their proposed business combination. The merger, subject to stockholder approval, is anticipated to close by Q3 2022. After the merger, DNEG will rebrand and trade under the symbol 'DNGG'. For the nine months ending December 31, 2021, DNEG reported revenues of $276.8 million and net income of $20.5 million. The company has a strong order pipeline valued at approximately $865.3 million.
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