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Mahindra-Ambani backed Prana Studios bags Rhythm & Hues

US-based visual effects studio Prana Studios Inc, which is backed by a group of investors including Mahindra & Mahindra Chairman Anand Mahindra, has acquired animation studio Rhythm & Hues. At a hearing held on Sunday in US Bankruptcy Court in Los Angeles, Judge Neil Bason approved Prana Studios affiliate, 34x118 Holdings Inc, as the winning bidder after a two-day auction, Prana Studios said in a statement.

'The company's assets were acquired from the court by 34x118 Holdings Inc, a Prana Studios affiliate,' it added.Prana Studios Inc, which was founded in 2003 by Arish Fyzee, Kristin Dornig and Pankaj Gunsagar, is backed by a group of investors including Anand Mahindra and Mukesh Ambani.'We are delighted to have been early-stage investors in Prana Studios. This bold move will make them animation, VFX leaders with global delivery capability and will substantially increase the scale and complexity of their work,' Mahindra said.

Commenting on the development Prana Studios Senior Vice-President, VFX Jeffrey A Okun said: 'While remaining a stand-alone company focusing on cutting-edge visual effects and innovative technology, R&H will be complemented by Prana's world-class long-form animation.' Rhythm & Hues is a global production house for creation of visual effects and animation for Hollywood movies. Among its 145 screen credits are Life of Pi, The Golden Compass and Babe.
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