DNEG Plans To Expand To Toronto And Create Up To 500 Canadian Jobs

Last week, news broke that the U.K.’s Novator Capital Advisers have injected $250 million in Prime Focus Limited, DNEG’s parent company. The firm will own a 15% stake in DNEG. Prime Focus founder Namit Malhotra, who remains in his current roles as DNEG chairman and CEO, is increasing his ownership stake in the parent company from 35% to around 70%.

The investment comes as DNEG starts exploring opportunities in areas such as gaming and original IP creation. It is also growing its feature animation unit, whose first film Ron’s Gone Wrong will be released by Disney in October. An adaptation of The Great Gatsby is among the projects in the pipeline.

DNEG employs nearly 7,000 in all across eight locations, including a recently announced studio in Bangalore, India. It has won six Oscars for its vfx work, including for First Man and Tenet.

Last week, Vancouver-based animation producer Mainframe Studios announced that it would open a Toronto base, creating 100-plus jobs. It too will initially operate on a remote basis.

The Hollywood Reporter first reported the news of DNEG’s expansion.

Image at top: “Dune”