TeamTO has announced a potential acquisition by Italian-based RIVA Studios, subject to approval from the Tribunal de Commerce de Paris (Commercial Court of Paris) on October 30. This proposed sale follows TeamTO’s announcement of insolvency in September, attributed to unforeseen market challenges in the animation industry over the past two years. TeamTO is currently co-developing and co-producing Junichiro Jackson, an adult animated series, with RIVA Studios and Lex and Otis Studios with Balsamo and Oliva as showrunners.
TeamTO first initiated discussions with RIVA Studios co-founders Marco Balsamo and Tara Demren five months ago, exploring collaborative opportunities that have since solidified in response to the studio's financial pressures. Balsamo and Demren have assembled a seasoned acquisition team, including world-renowned American producer, director, and illustrator Jay Oliva of Lex and Otis Studios. Oliva, well-acquainted with TeamTO, previously collaborated with them on the high-profile projects RAID: Shadow Legend - Call of the Arbiter and Infinity: Paradise Lost.
The planned restructuring will create three divisions within TeamTO: a production company, a service studio, and an R&D technology company. This reorganization aims to preserve 70% of permanent and temporary positions and 100% of fixed-term contracts.
Guillaume Hellouin, TeamTO President referenced the extensive knowledge of the potential buyers: "These are people who know the studio well, and who couldn't bring themselves to see so much talent and ability to deliver ambitious projects to an international audience disappear," commented.
Meanwhile, Corinne Kouper, SVP of Production & Development hinted at the retention of talent: “The aim of this offer is to ensure the long-term viability of the business (i.e. current productions and projects under development). It will enable the teams to bounce back on solid footing with a shareholder base that has the resources to sustain the business, while retaining its world-renowned talent, together with the support of its long standing, well-established clients and partners," stated.
Finally, Jean-Baptiste Spieser, CTO appealed to the development of cutting-edge solutions:"I would be thrilled to join forces with Marco Balsamo and his team. TeamTO's R&D has already achieved remarkable breakthroughs for the studio, but by teaming up with Marco, we could elevate these advances across the entire industry. Together, we could deliver cutting-edge solutions that empower animation artists worldwide to fully realize their creative potential," highlighted.
Related News
