Jellyfish Pictures, a visual effects (VFX) and animation studio, has temporarily suspended its operations and is actively seeking potential sale and investment opportunities. The company has initiated legal measures to safeguard its business interests during this transitional period.
In an official statement, Jellyfish Pictures acknowledged the formidable challenges faced over the past year, attributing them to the prolonged impacts of the Covid-19 pandemic, escalating operational costs, and repercussions from recent writers' and actors' strikes. These factors have collectively exerted significant pressure on the company's financial stability.
The company also explained: “Over recent months, we’ve been working closely with our key stakeholders to find a path forward, including exploring all options for sale and investment, with the aim of putting in place a strong financial platform upon which we can build. While we continue to engage in these discussions and explore our options, we have today taken legal steps to protect the position of the business while we strive to find a way forward."
The studio's diverse portfolio encompasses VFX contributions to films such as "The Creator," "Lee," "Kaos," and "The Gentlemen." Additionally, Jellyfish Pictures has been involved in feature animations like "Boss Baby 2" and "How to Train Your Dragon," collaborating with major studios and developing its proprietary animation projects. The company's operations span across the United Kingdom, Canada, and India, and it holds certification as a B Corporation, reflecting its commitment to social and environmental performance.
The decision to pause operations follows similar industry developments, notably the recent closures of Technicolor Creative Studios-owned VFX entities MPC and The Mill. A senior source within Jellyfish Pictures disclosed that the suspension is a temporary measure linked to investor-related challenges in the UK. The source emphasized that the company opted to halt operations to maintain transparency with employees, ensuring that all salaries for March would be honored.Televisual
Expressing gratitude, the company stated: "We have so much to be proud of. We've worked on fantastic, ground-breaking projects with brilliant partners. And we want to thank our amazingly talented award-winning teams who day in, day out, strive to push creative boundaries with their innovative thinking and skill."
As Jellyfish Pictures navigates this period of uncertainty, the industry watches closely, hopeful for a resolution that will allow the studio to continue its contributions to the VFX and animation sectors.
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