Digital Domain bankruptcy move hits R-Media shares

Shares of Reliance MediaWorks on Wednesday plunged over 7% intra-day after Los Angeles-based Digital Domain, founded by James Cameron of Titanic movie fame, filed for bankruptcy.

Shares of Reliance MediaWorks on Wednesday plunged over 7% intra-day after Los Angeles-based Digital Domain, founded by James Cameron of Titanic movie fame, filed for bankruptcy.

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In July last year, Reliance MediaWorks had partnered with Digital Domain Productions for visual effects and 3D Stereo Production services studios in Mumbai and London.

Following the bankruptcy move, the shares of Reliance Mediaworks tanked 7% to Rs. 61.4 on the BSE even after a robust opening. But it closed at Rs. 64.4, down 2.6%.

Digital Domain Media Group (DDMG), the multi-Academy Award-winning digital production company has filed for bankruptcy protection and agreed to sell its core business to Searchlight Capital Partners for $15 million.

The company, founded by Titanic director James Cameron, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code, Digital Domain said in a late night statement on Tuesday.