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I'm sure you've heard of Moving Picture Company (MPC) or at least the movies it has worked on, like Jungle Book, Life of Pi, Mufasa: The Lion King, Dune: Part Two, Aquaman and the Lost Kingdom, Transformers: Rise of the Beasts, and many more. Unfortunately, sudden tragic news has stricken the industry: its parent, Technicolor Group, is shutting down together with its subsidiaries – MPC, The Mill, Mikros Animation, and Technicolor Games.
As reported by Variety, Technicolor started sending warnings to customers and employees on Friday, saying the company faced "severe financial challenges."
Alas, the worries became a sad reality, and Technicolor began closing its studios. On Monday, Technicolor's CEO Caroline Parot sent a memo to the workers, saying, “due to inability to find new investors for the full Group, despite extensive efforts, [Paris-headquartered] Technicolor Group has filed for Court ‘recovery procedure’ before the French Court of Justice to give a chance to enable to find solutions.”
Here is the message, shortened for clarity:
Dear Team,
As we have communicated over the past months, the Group has been experiencing difficulties linked to a variety of factors and has not been spared from external headwinds: the difficult operational situation resulting from post-covid recovery, a costly and complex separation from the previous group followed by the writers’ strike leading to a slowdown in customer orders causing severe cash flow pressures.
Today, the company must face reality. Due to inability to find new investors for the full Group, despite extensive efforts, Technicolor Group has filed for Court “recovery procedure” before the French Court of Justice to give a chance to enable to find solutions.
In each country, the appropriate framework for orderly protection and way forward is currently being put in place to allow, when possible, to remain in business continuity.
This decision was not taken lightly; every possible path to preserve our legacy and secure the future of our teams will be thoroughly explored to offer a chance to each of its activity to be pursued with new investors.
With deepest appreciation and respect,
Caroline Parot
The employees are promised to receive support from Technicolor. SSome of them went to LinkedIn to share the news and ask for references.
"Today is a heartbreaking day – the collapse of a dragon," wrote Dan Chekanov, a CG supervisor at MPC. "After three incredible years at MPC, my journey has come to an end with the closure of MPC and the entire Technicolor group. ... MPC was more than just a job. It was a home. A place filled with brilliant, passionate, and hardworking people. I was lucky to work alongside some of the most talented artists and managers in the industry, and I am endlessly grateful for every moment, every lesson, and every friendship. I truly hope our paths cross again one day."
But life goes on, and The Mill's creative leadership and “practically the entire creative staff” are joining Dream Machine FX to launch a new venture, Arc Creative. It will focus on short-form work, including high-end advertising, game cinematics, and trailers.
“This past Friday, we were collectively informed that after 35 years of groundbreaking artistry, The Mill would be closing its doors this Monday – a casualty of the many years of Technicolor’s well-publicized financial struggles,” they told Variety. “It was a moment that stopped us in our tracks. It goes without saying, the past few days have been filled with emotions: shock, anger, sorrow, concern, and ultimately, resolve. While The Mill as we know it has shut its doors, its spirit, its passion, and its legacy live on through its amazing and talented people. After all, it was always the people that made The Mill truly special.”
It's not clear what will happen to Technicolor's upcoming projects – the remake of Lilo and Stitch, Mission: Impossible – The Final Reckoning, and the Teenage Mutant Ninja Turtles sequel.
Hopefully, we will see them finished, and the laid-off artists will find new jobs soon.
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