Visual effects firm Digital Domain sold for $37m

NEW YORK (AP) - The bankrupt digital production company founded by director James Cameron will be sold to a joint venture formed between a Chinese media company and an Indian counterpart for US$30.2 million (S$37 million).

A United States subsidiary of Beijing Galloping Horse Film & TV Company and Mumbai-based Reliance MediaWorks teamed up to outbid other companies in a bankruptcy court auction Friday. The deal was announced by the companies on Sunday night.

"Digital Domain is a legend in the industry, known for its world-class quality of work and creative talent," Ms Ivy Zhong, vice-chairman and managing director of Beijing Galloping Horse Film, said in a statement.

Galloping Horse will own 70 per cent of the joint venue, with Reliance owning the other 30 per cent.