Telecorps Holdings, parent company of PostWorks NY, announced that it has signed a binding agreement to acquire Technicolor – New York, to provide editorial, color grading and other postproduction services in the Big Apple. The company’s PostWorks facility and Technicolor’s Technicolor East Coast facility, both located in Soho, will operate as a single unit under the name Technicolor/PostWorks.
The companies’ aim is to take advantage of their complementary talent, resources and experience in order to deliver high quality postproduction services in the New York market. The two companies formed a similar partnership last year to provide film laboratory services through the jointly operated New York Film Lab.
“We have worked towards creating this kind of synergy for a long time,” said David Rosen, chairman of Telecorps. “Customers are searching for the highest quality solutions with the fewest points of contact. They want a provider who can facilitate all aspects of the acquisition, editing and finishing of content. This partnership provides that answer.”
Technicolor/PostWorks combines Technicolor’s strong global brand with PostWorks’ boutique appeal. PostWorks offers film processing, digital dailies, non-linear editing systems, file-based workflow and finishing, and digital intermediate services. It also features full service sound facilities.
Key executives from Technicolor and PostWorks will manage the integration and ongoing operation of the two facilities to ensure continued delivery consistent with Technicolor and PostWorks standards.
Telecorps Holdings Inc. also owns Hula Post, Orbit Digital, Wexler Video and Coffey Sound, whose operations are unaffected by its partnership with Technicolor. In a separate transaction, Technicolor has entered into a binding agreement to acquire the assets of Los Angeles post house LaserPacific – a sister company to Telecorps. The transactions are expected to close at the end of August 2011.