LOS ANGELES — Point.360 (www.point360.com), a provider of integrated media management services, announced that it had completed the purchase of assets formerly owned by Modern VideoFilm ( www.mvf.com) . The company purchased the assets of Modern VideoFilm by issuing shares and warrants of the company's common stock. Additionally, the company obtained a $6 million term loan facility to provide support for general corporate purposes.
As the result of this acquisition, the company now becomes one of the largest independent providers of post production services with an established client base comprising major studios, broadcast networks, cable outlets, streaming media companies, independent producers and others.
"Completion of the transaction greatly expands our operational and financial resources, client base and ability to respond to the industry's evolving needs,” says
Haig S. Bagerdjian, Point.360 chairman, president and CEO
. “The transaction includes a relationship with a new Point.360 shareholder and financial partner giving the company significantly greater financial resources as we seek additional growth opportunities."
With this acquisition, Point.360 is able to deliver a full range of post production and rich media management services that include archival, closed captioning and subtitling, color correction, editing, encoding and transcoding, mastering, restoration, scanning, vaulting and worldwide physical and digital distribution, with recent credits including
Game of Thrones,
The Grand Budapest Hotel,
Knight of Cups
The Book of Life.