The Cinesite Group, the VFX, immersive and animation studio that is headquartered in London, has a renewed long-term funding package of $215m to continue its operations.
In 2022, a $235m funding package was laid out for Cinesite, led by banks NatWest and Barclays. The renewed package comes in response to changing market conditions. NatWest Corporate Bank led the financing of the $215m package, alongside banks Barclays and Santander, and Cinesite’s shareholders.
Upcoming projects on which Cinesite has worked include A24’s Warfare, Lionsgate’s Michael Jackson biopic Michael, Amazon MGM Studios’ G2O and Paramount Pictures’ Smurfs.
Sector challenges
A period of great difficulty has hit the VFX sector, with visual effects giant Technicolour beginning to close its global operations in February, including the UK’s MPC, while Ireland’s Windmill Lane Studios shut in January and London-based Jellyfish Pictures suspended operations earlier this month.
A production slowdown, the ongoing impact of the 2023 Hollywood strikes, rising costs and intense competition for work between VFX companies have all been named as factors that have contributed to the challenges.
“The funding package empowers Cinesite to overcome the challenges posed by recent industry disruption that has affected the entire sector,” said a statement from the group, also confirming its plans to expand its production capabilities across animation, visual effects, immersive content and motion capture, as well as exploring the potential of generative AI.
“We have served this industry for over 30 years and in that time, we have seen many changes; our longevity comes in part from our ability to adapt. In the next phase of our business, you can expect to see us taking advantage of opportunities thrown up by the disruption of the past couple of years,” said Cinesite Group CEO Antony Hunt.
“Thanks to the renewed commitment of our banks, shareholders and other stakeholders and the ongoing confidence our clients place in our services, we will continue to produce exceptional work for audiences, while fuelling innovation and studio growth.”
Cinesite was established in 1991. As well as its London headquarters, it has studios in Montreal and Vancouver. Its VFX credits includes the Marvel Cinematic Universe, James Bond and Harry Potter franchises. In animation, it has worked on Teenage Mutant Ninja Turtles: Mutant Mayhem and The Addams Family series.
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