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DNEG Opens New Toronto Visual Effects and Animation Studio
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
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.
Positive
Opened fourth studio in Toronto, hiring 150+ employees.
Plans to hire 200 more employees within the first year.
Currently employs over 1,500 people across Canada.
Recognized for award-winning VFX and animation services.
Expanding into adjacent markets, including gaming and the metaverse.
Negative
None.
Fourth North American DNEG Studio Debuts with More Than 150 Hired in Greater Toronto Area Amidst Ongoing Worldwide Growth Plan
Studio Now Employs 1500+ in Canada Including Vancouver and Montreal Operations
LONDON & TORONTO--(BUSINESS WIRE)--
DNEG, a leading visual effects (VFX) and animation studio for the creation of feature film, television and multiplatform content, officially opened its previously announced studio in the King West district of Toronto today, with more than 150 already hired, and revealed significant progress in its aggressive Canadian expansion efforts.
DNEG is in the midst of increasing its Canada-based VFX and animation operations and talent pool to meet surging worldwide multiplatform demand for its award-winning VFX, animation and leading-edge virtual production services.
The company remains on track to hire 200 employees for its Toronto studio in year one, including many new technology positions, and is planning to scale the studio even further in year two in response to demand from clients for its premium VFX and animation services. The company has embraced a flexible, hybrid in-office workforce approach to address ongoing COVID-19 precautions and to maximize the company’s appeal in securing the premier talent in the competitive VFX and animation labor marketplaces.
Fresh off another year of prestigious industry honors and recognition for its work at the Academy Awards®, the BAFTAs and the Visual Effects Society (VES), DNEG also reported ongoing progress in its Canadian hiring efforts, with now more than 1,500 employed nationwide. Current headcount in Canada now includes approximately 850 in Montreal and 520 in Vancouver, which includes the company’s new DNEG Animation location in Vancouver, and its ReDefine brand, which has employees in Vancouver, Montreal and Toronto.
“I am thrilled with the progress DNEG has made over the past six months in establishing a strong presence in Ontario, with exciting career opportunities in visual effects work for film and episodic projects, feature animation, and technology,” said General Manager, Gavin Graham. “The welcome we have received from local trade associations, Toronto Mayor John Tory and his team, and of course the incredible talent pool in Toronto, has been overwhelming.”
“Toronto’s film and television production industry is second to none in the world, and I am delighted to welcome DNEG to be a part of this dynamic and thriving sector,” said Toronto Mayor John Tory. “DNEG will join industry leaders and our locally-based, globally-minded talent, to further grow and diversify the sector. We welcome DNEG to the Toronto Region and embrace its enhanced presence and partnership in original content production.”
“DNEG is proud to invest in its Canadian studios, providing the local VFX, animation and high-tech talent pool in the area with opportunities to work on some of the world’s biggest films as we experience increasing demand from the entertainment industry for our premium quality work,” said DNEG Chairman and CEO Namit Malhotra. “We remain committed to our long-term growth strategy as DNEG expands from feature film and episodic TV content to take advantage of opportunities in adjacent markets, including gaming and the metaverse.”
DNEG has been working closely with Toronto Global, a team of experienced business advisors assisting global businesses to expand into the Toronto Region.
“Toronto Global was pleased to work with DNEG to help establish its new studio in the Toronto Region, bringing hundreds of jobs and significant economic benefits to our world-class television and film production sector,” said Stephen Lund, CEO, Toronto Global. “DNEG’s investment is yet another signal that the spotlight continues to shine brightly on the Toronto Region.”
Current DNEG career opportunities worldwide are posted at DNEG.com.
DNEG Industry Awards
DNEG’s VFX work has won:
Seven Academy Awards®
Best Visual Effects
Winners:
Dune (2022)
Tenet (2021)
First Man (2019)
Blade Runner 2049 (2018)
Ex Machina (2016)
Interstellar (2015)
Inception (2011)
Seven BAFTA Awards
Eighteen Visual Effects Society (VES) Awards
Three Primetime EMMY® Awards
On January 25, 2022, DNEG announced its entry into a definitive business combination agreement with Sports Ventures Acquisition Corp. (Nasdaq: AKIC). Upon the closing of the business combination, which is expected in the first half of 2022, the combined public company will be named DNEG. For more information about the transaction, please visit https://investors.dneg.com/.
About DNEG
DNEG (www.dneg.com) is one of the world’s leading visual effects (VFX) and animation companies for the creation of feature film, television, and multiplatform content. DNEG employs nearly 7,000 people with worldwide offices and studios across North America (Los Angeles, Montréal, Toronto and Vancouver), Europe (London) and Asia (Bangalore, Chandigarh, Chennai and Mumbai).
DNEG’s critically acclaimed work has earned the company seven Academy Awards® for Best Visual Effects and numerous BAFTA and Primetime EMMY® Awards for its high-quality VFX work. Current and upcoming DNEG projects on behalf of its Hollywood and global studio and production company partners include “Stranger Things” (season 4)(May 2022), Bullet Train (July 2022), Shazam! Fury of the Gods (December 2022), Borderlands (2022) (December 2022), Knives Out 2 (2022), The Last of Us (2022), The School for Good and Evil(2022), Super/Natural (2022), Aquaman and the Lost Kingdom (March 2023), Haunted Mansion(March 2023), The Flash (June 2023) and Meg 2: The Trench (August 2023).
About Sports Ventures Acquisition Corp.
Sports Ventures Acquisition Corp. is a blank check company organized with the purpose of effecting a merger similar business combination with a major entertainment powerhouse. Sports Ventures Acquisition Corp. is led by Alan Kestenbaum, businessman and minority owner of the Atlanta Falcons of the NFL. Other leadership members include Robert Tilliss, who brings with him extensive sports and arena expertise, Daniel Strauss, and Steve Horowitz.
Additional Information About the Transaction and Where to Find It
This communication may be deemed to be solicitation material with respect to the proposed transaction for Sports Ventures Acquisition Corp. to acquire Prime Focus World NV. In connection with this proposed transaction, Sports Ventures Acquisition Corp. will file a definitive proxy statement with the SEC, which will be sent to the shareholders of Sports Ventures Acquisition Corp.Sports Ventures Acquisition Corp. will also file other documents regarding the proposed transaction with the SEC. This communication does not contain all the information that should be considered concerning the proposed transaction. It is not intended to provide the basis for any investment decision or any other decision in respect to the proposed transaction. SHAREHOLDERS OF SPORTS VENTURES ACQUISITION CORP. ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING THE DEFINITIVE PROXY STATEMENT, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement and all other relevant documents filed or that will be filed with the SEC by Sports Ventures Acquisition Corp. through the website maintained by the SEC at http://www.sec.gov.
The documents filed by Sports Ventures Acquisition Corp. with the SEC may also be obtained free of charge at Sports Ventures Acquisition Corp.’s website at https://www.sportsventuresacq.com or upon written request to Sports Ventures Acquisition Corp., 9705 Collins Ave 1901N, Bal Harbour, FL 33154.
Participants in Solicitation
Sports Ventures Acquisition Corp., Prime Focus World NV and their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies from the holders of Sports Ventures Acquisition Corp. Class A
Ordinary shares in respect of the proposed transaction. Information about the directors and executive officers of Sports Ventures Acquisition Corp. and their ownership of Class A Ordinary shares are set forth in its Annual Reports on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 1, 2022, and its Reports on Form 8-K, which were filed with the SEC on April 6, 2021 and January 12, 2022, as modified or supplemented by any Form 3 or Form 4 since the date of that filing. Investors may obtain additional information regarding the interest of such participants by reading the preliminary proxy statement and the definitive proxy statement when available.
No Offer or Solicitation
This communication is for informational purposes only and is not intended to and does not constitute an offer to subscribe for, buy or sell, or the solicitation of an offer to subscribe for, buy or sell, or an invitation to subscribe for, buy or sell any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, invitation, sale or solicitation would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact contained in this communication including, without limitation, statements regarding Sports Ventures Acquisition Corp.’s or Prime Focus World NV’s financial position, expected operating performance, business strategy and the plans and objectives of management for future operations; anticipated financial impacts of the proposed transaction; the satisfaction of the closing conditions to the proposed transaction; and the timing of the completion of the proposed transaction, are forward-looking statements. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties, and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of Prime Focus World NV, Sports Ventures Acquisition Corp. and their respective business, operations, financial condition and the industries in which they operate, the risk that the proposed transaction between Prime Focus World NV, and Sports Ventures Acquisition Corp. may not be consummated, and the factors described in the "Risk Factors" section of Sports Ventures Acquisition Corp.’s annual report on Form 10-K for the fiscal year ended December 31, 2021, which was filed with the SEC on March 1, 2022, the proxy statement discussed above and other documents filed by Sports Ventures Acquisition Corp. from time to time with the SEC. Prime Focus World NV and Sports Ventures Acquisition Corp. each disclaim any obligation to update any forward-looking statements contained herein.
What is the significance of DNEG opening a new studio in Toronto?
The opening of DNEG's new studio in Toronto is significant as it indicates aggressive expansion in Canada, with plans to hire 200 employees in the first year, addressing increasing demand for VFX and animation services.
How many employees does DNEG have in Canada now?
DNEG currently employs over 1,500 individuals across Canada, with approximately 850 in Montreal and 520 in Vancouver.
What market opportunities is DNEG pursuing with its expansion?
DNEG is pursuing opportunities in adjacent markets, including gaming and the metaverse, in addition to its traditional focus on feature film and episodic content.
What are DNEG's hiring plans for its new Toronto studio?
DNEG plans to hire 200 employees for its new Toronto studio within the first year, focusing on technology positions as well as VFX and animation roles.
What awards has DNEG received for its work?
DNEG has won numerous industry awards, including seven Academy Awards for Best Visual Effects, showcasing its high-quality work in the VFX industry.
