Mumbai (Maharashtra) [India], March 15: Phantom Digital Effects Limited (NSE: PHANTOMFX), a creative visual effects (VFX) studio, has finalized an Term Sheet to acquire a majority stake of 80% in Tippett Studio This acquisition will give PhantomFX control over the operations of the legendary visual effects production company founded by Oscar-winning filmmaker Phil Tippett. This strategic move is a significant milestone for both companies and the broader VFX industry.
Tippett Studio, renowned for its groundbreaking work on blockbuster hits like JURASSIC PARK and STAR WARS, will continue its operations under the Tippett name, maintaining its commitment to delivering top-tier VFX and post- production services to clients worldwide.
The collaboration also entails PhantomFX’s commitment to retaining Phil Tippett’s involvement, leveraging his expertise to develop compelling intellectual property (IP) alongside the Tippett team and also underscores Phantom FX’s dedication to fostering creativity, innovation, and growth within the VFX landscape.
Gary Mundell, CEO of Tippett North America, will maintain his position and join the board, along with Cliff McDowell, who assumes the role of COO for North America. Phil Tippett himself will remain actively engaged, serving on the board and contributing creatively to the studio’s projects. Tippett Canada will remain integral to the company’s operations, continuing to deliver exceptional visual effects and storytelling services. The recent launch of Tippett Productions, a Canadian-based venture focusing on original content creation, underscores the studio’s commitment to nurturing new talent and bringing captivating stories to life.
The acquisition of Tippett by PHANTOMFX is expected to result in a significant increase in revenue growth of 20-25% during the 2024-2025 financial year. Tippett has several upcoming projects with leading Hollywood production houses and studios. This acquisition may lead to the addition of 250 to 300 employees in India, the United States, and Canada for PhantomFX, which will further enhance its global footprint and capabilities.
Bejoy Arputharaj, Chairman and Managing Director of Phantom FX, expressed his excitement, stating, “I’m beyond excited to announce the acquisition of Tippett Studio and collaboration with Phil Tippett. Phil Tippett’s unparalleled legacy in crafting cinematic marvels like Willow, Jurassic Park, and Starship Troopers has always been a profound source of inspiration for me.
This partnership not only signifies a significant stride forward for PhantomFX but also heralds a new era of innovation and creativity for Tippett Studio. With our combined resources, expertise, and passion, we’re poised to revolutionize the VFX industry, delivering groundbreaking projects that will captivate audiences worldwide.
With Tippett Studio’s strong pipeline of orders, we are excited to push the boundaries of what is achievable, redefine industry standards, and create enduring works of art. Our joint efforts will pave the way for new possibilities and limitless potential for greatness. We are thrilled about the extraordinary opportunities that lie ahead and can’t wait to create works of art that will stand the test of time”.
Gary Mundell, CEO of Tippett North America, expressed enthusiasm, stating, “Our partnership with PhantomFX marks a monumental milestone for us. Our dedication to delivering top-tier VFX and post-production services remains steadfast, and this collaboration opens up thrilling avenues for innovation and expansion.
We’ll showcase PhantomFX’s innovative and artistic prowess on a global scale within the entertainment industry. By uniting our strengths, we’re embracing the transformative potential of collaboration, proving that diverse studios can redefine the entertainment landscape. The acquisition is driven by their strategic objective to establish a robust presence in the fiercely competitive U.S. and Hollywood markets.
While Indian VFX studios like PhantomFX contribute significantly to major streaming platforms such as Marvel and Netflix, there persists a perception that India primarily offers technical support rather than creative input. By partnering with Tippett, PhantomFX aims to challenge this perception and showcase its innovative and artistic capabilities on the global stage”.
With the acquisition facilitating the integration of their expertise and resources, both entities are poised to redefine industry standards and captivate audiences worldwide. Moreover, this partnership not only reinforces their foothold in key markets such as the U.S. and Hollywood but also signifies a strategic move towards global expansion. By leveraging their combined strengths and embracing the diverse talents of their teams, PhantomFX and Tippett Studio are well- positioned to shape the future of visual storytelling on a global scale, inspiring audiences and pushing the boundaries of imagination.
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