Behind the ‘Sickening’ Collapse of Technicolor and Why Its Failure Is Sending Shockwaves Through the VFX Industry

variety.com:

Carolyn Giardina Disney’s first feature-length color animated movie, “Snow White and the Seven Dwarfs,” opened in Technicolor in 1937, and the company came full circle when Technicolor’s flagship visual effects company MPC was called upon to create effects on Disney’s upcoming live-action adaptation of the classic.

But the timing now marks the sad end of Technicolor, which was founded in 1915 and went on to become one of Hollywood’s most recognizable brands, working on classic films such as “The Wizard of Oz” and “Gone with the Wind.” On Friday, Feb.

21, Technicolor began alerting customers and employees that it was facing “severe financial challenges.” This included sending U.S.

employees a WARN notice as required by law for large companies that anticipate closings and mass layoffs. Technicolor’s leadership worked through the weekend to find a solution, but by Monday CEO Caroline Parot admitted in a company memo to an “inability to find new investors for the full Group, despite extensive efforts” and the business began to shut down its global operations.