UK visual effects giant Cinesite plots for £300m blockbuster sale | Economic news

A British visual effects producer whose recent credits include Daniel Craig’s latest outing as James Bond is primed for a sale that could value him at over £300million.

Sky News has learned that London-based Cinesite has hired Goldman Sachs to review strategic options amid a glut of deals in the sector.

City sources said an outright sale of the business was a likely outcome later this year.

Cinesite, which was founded in Los Angeles in 1991 to work on a restoration of the classic Walt Disney film Snow White and the Seven Dwarfs, has worked on recent Hollywood productions including No Time To Die and Spider-Man: No Way Home.

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No Time To Die was Daniel Craig’s last outing as Bond

Previous projects include special effects production for Game of Thrones and the Avengers series.

The company is minority-owned by Gryphion Capital Investments, which backed it in 2019 alongside new credit facilities from Barclays and NatWest.

Management and employees are also considered shareholders of the company.

Goldman’s appointment to explore a sale comes as a surge in demand from streaming platforms such as Netflix is ​​spurring revenue growth from visual effects houses such as Cinesite.

Weta Digital, the studio founded by Sir Peter Jackson, was recently sold to video game producer Unity Software for $1.6 billion, while Netflix itself bought Germany-based competitor Scanline VFX.

Cinesite has extended its expertise to animated content and counts MGM, Walt Disney and Amazon-owned Sony Pictures Animation among its major studio partners.

A Cinesite spokeswoman declined to comment on Monday.

Briana R. Cross