Digital Domain Media Group announced that it will close its Port St. Lucie, Fla. studio as part of a strategic realignment that will enable it to focus on its core business – Digital Domain Productions – a company focused on creating digital visual effects, CG animation and digital production for the entertainment and advertising industries. Most of the Port St. Lucie workforce has been laid off, except for approximately 20 employees who will remain as part of the wind-down.
As part of the restructuring, John Textor has resigned from his positions as CEO and chairman of the board of directors of DDMG, and from all positions as an officer and director with all subsidiaries of DDMG. Long-time Digital Domain executive Ed Ulbrich has been promoted to CEO of Digital Domain Productions.
DDMG’s studios in California and Vancouver will continue to operate without interruption, as will the Digital Domain Institute, based in West Palm Beach, Fla.
The company indicated that it is implementing these changes as part of its effort to reduce its overhead and restructure its long-term debt.
