Toon Growth Animation Software program Acquired By U.S. Funding Agency For Over $110 Million

New York-based funding agency Built-in Media Firm (IMC) has purchased Toon Growth Animation from Canadian animation firm Nelvana Restricted, a subsidiary of Corus Leisure.

It’s unclear what impression, if any, the change of possession could have on customers of the corporate’s software program, although Corus has stated that they may “work intently with IMC to assist a easy transition.”

Right here’s a better take a look at the deal and who the brand new house owners are:

Montreal-based Toon Growth Animation is the developer of Concord and Storyboard Professional software program, two of essentially the most widely-used skilled animation packages for digital second manufacturing. The applications, that are are significantly dominant in North American productions, are used within the making of numerous sequence together with The Cuphead Present, Animaniacs, Centaurworld, The Ghost and Molly McGee, and Central Park, in addition to options like The Princess and the Frog, The Bob’s Burgers Film, and House Jam: A New Legacy.
IMC paid $147.5 million Canadian ($111.4 million USD) in money to amass Toon Growth. The deal is anticipated to shut in calendar 2023.
Nelvana’s father or mother firm Corus expects to web $142 million CAD from the deal, which it is going to use to repay debt. Colin Bohm, EVP of content material and company technique at Corus Leisure defined additional, “Corus is constructing a robust multiplatform enterprise aggregating premium video content material. After an enterprise-wide evaluation of our working mannequin and asset base, we have now determined to exit the animation software program enterprise. This transfer will release capital, enhance Corus’ monetary flexibility, and sharpen our focus as we advance our strategic plan and priorities.”
Toon Growth was based in 1994. Corus bought a 50% curiosity in Toon Growth in 2004, and purchased the remaining portion of the corporate in 2012.
Yuning Zhang, who led the transaction for IMC, stated in a press release: “Toon Growth empowers creators of all kinds to convey their tales to life by means of a flexible platform that provides highly effective storyboarding, intensive animation capabilities, and instruments for streamlining the manufacturing course of. … Its distinctive instruments are trusted by each massive and small artistic groups, in addition to instructional establishments shaping the subsequent technology of expertise. We’re excited to collaborate with the workforce at Toon Growth to increase their platform into new markets and to introduce ground-breaking merchandise.”
IMC’s web site doesn’t point out they’ve every other animation-specific holdings. The corporate, which is backed by personal fairness agency TPG, invests throughout the digital media panorama and has three verticals: soccer, e-commerce enablement, and leisure. Presumably, Toon Growth would fall into its leisure holdings, which at present consists of internet sites like Fandom, Display screen Junkies, Gamespot, and TV Information. IMC says their leisure media holdings obtain 350 million month-to-month distinctive guests.