Digital Domain Media Group Pursues Strategic Alternatives to Maximize Shareholder Value
01 Agosto 2012 - 12:28PM
Business Wire
Digital Domain Media Group, Inc. (NYSE: DDMG) today clarified
remarks regarding shareholder value strategies made during its July
18, 2012, investor call. The company is formally announcing its
plans to evaluate a broad range of strategic and financial
alternatives to support the company’s growth initiatives and its
efforts to maximize shareholder value. DDMG will engage in
discussions with various parties that have contacted the company on
an unsolicited basis. The company will also work with its
investment bankers and advisors to pursue strategies, and develop
relationships, with segment-specific capital sources and strategic
partners that have a desire to support the growth initiatives and
maximize the shareholder value contribution of the company’s
specific business segments.
The company will evaluate a variety of alternatives including,
but not limited to, a strategic minority investment in the company
or in a specific business segment, joint ventures and/or business
combinations with strategic partners and industry participants, the
sale or spin-off of certain of the company’s assets or operating
subsidiaries into publicly traded or privately held corporations,
the outright sale of certain of the company’s assets or operating
subsidiaries, or the outright sale of the company. DDMG also
intends to be responsive to proposals received that seek to
maximize the value of major operating subsidiaries through
spin-offs into, or combinations with, publicly traded companies
listed on major foreign exchanges that reflect the company’s
previously announced international expansion plans.
“While we see our businesses as driven and inspired by the
fabric of our high-level digital visual effects capability, we do
not believe that the market value of our company reflects the sum
of its parts,” said John Textor, CEO and chairman of DDMG. “We are
pleased to formalize a process to pursue our most attractive
strategic alternatives in recognition both of unsolicited
expressions of interest as well our own belief that a focus on the
opportunities and valuations of our individual business segments
may provide a more compelling argument for a greater total company
valuation and shareholder value. We continue to believe strongly in
a business model that focuses on the pursuit of lucrative new
business opportunities that are inspired by our award winning
visual effects business. However, it does seem clear that a plan to
align capital and strategic partnerships directly with areas of
interest and expertise will be more effective in supporting the
growth and value of our individual businesses.”
There can be no assurances that any agreement will be reached
with respect to a transaction or that a transaction will be
consummated as a result of the company’s review of strategic
alternatives. The company does not plan to disclose or comment on
developments regarding the strategic review process until it is
complete or further disclosure is deemed appropriate.
About Digital Domain Media Group
Digital Domain Media Group (DDMG: NYSE) leverages its expertise
in digital visual effects (VFX) and computer-generated (CG)
animation across a group of interrelated businesses. At its
foundation is Digital Domain Productions (DDPI), an award-winning
digital production company founded in 1993. This leading provider
of visuals has contributed to more than 90 major motion pictures,
including Titanic, the Transformers series, Pirates of the
Caribbean: At World’s End and TRON: Legacy, hundreds of
commercials, and recently created the virtual likeness of rapper
Tupac Shakur for Dr. Dre’s show at the Coachella Valley Music
Festival. Mothership, a DDPI subsidiary, focuses on creating
advertising, entertainment and branded content from concept to
completion, across multiple media platforms. DDMG, its work and its
employees have been recognized with numerous awards, including
seven from the Academy of Motion Picture Arts and Sciences. The
company is building on its success in VFX to participate as a
co-producer in major productions and is currently co-producing the
upcoming live-action sci-fi feature film Ender’s Game, as well as
virtual likenesses for Elvis Presley that will be jointly owned by
CORE Media Group and DDMG. DDMG also converts two-dimensional (2D)
imagery to three-dimensional (3D) imagery and holds key patents in
this area. The company is also applying its CG expertise to produce
original, family-friendly animated feature films at its subsidiary
Tradition Studios. The first movie, The Legend of Tembo, is in
pre-production and two more features are in development. The
company’s education subsidiary, the Digital Domain Institute, sets
a new standard in digital media education through a pioneering
public-private partnership with The Florida State University
College of Motion Picture Arts. DDMG is expanding its worldwide
footprint of the highest quality visual effects and animation at
the lowest possible cost through global partnerships in India and
China. The company has studios in Los Angeles, San Francisco,
Florida, Vancouver, Mumbai and London, and is currently
establishing studios in Beijing and Abu Dhabi.
http://www.ddmg.co
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