France’s TeamTO Sold At Auction; Acast Acquires Wonder Media Network; EBU Board Elected — Global Briefs
deadline.comRiva Studios Buys Troubled French Studio TeamTO Italy’s Riva Studios has won a “highly-competitive” auction for TeamTO, saving the iconic French animation studio from bankruptcy.
The price was €2.6M ($2.7M) court filings have shown. The acquisition was approved by the Tribunal de Commerce de Paris today, with Riva’s executive team Marco Balsamo, Jay Oliva, and Tara Sibel Demren (pictured) set to lead TeamTO going forwards.
TeamTO had run into financial problems earlier this year and was put up for sale before beginning bankruptcy proceedings, with Riva emerging as a late bidder during an auction process as other exited the process.
Now the deal is done, TeamTO will continue to operate from Valence and Paris and a “majority” of its staff will be retained, with work continuing on current and upcoming series.
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