Technicolor’s four creative units – Mikros, The Mill, MPC, and Technicolor Games – have suspended operations, with over 2,000 Indian employees asked not to report to work until further notice.
Despite last-minute talks with potential partners, rescue efforts failed, as signaled by WARN notices in the US. The sudden closure of these once-exemplary VFX and animation studios has been attributed to alleged financial mismanagement, excessive spending, and negative cash flows.
Many a panic stricken VFX artist has been reaching out to the indiantelevision.com group seeking succour to get them jobs.
Updated on 24 February at 2:47 pm:
Media reports state that in the United Kingdom, Technicolor Creative Studios UK Limited will be filing for administration, today 24 February. According to procedures, when a company goes into administration in the UK an external liquidator comes aboard to manage the company, repay creditors, and determine its future.
Updated on 24 February at 3:28 pm:
Altogether 10,000 or so employees the world over working under the Technicolor group have been impacted by the decision to shutter operations.
Updated on 24 February 2025 at 5:37 pm.
An earlier letter sent out to company executives by CEO Caroline Parot had the following to say: “Today (21 February 2025), 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.”
Updated on 25 February at 1:49 pm
On 24 February a bunch of Indian employees visited their office only to find no one. And they were told that there was no clarity on the way forward. All employees need to stay at home until informed otherwise, is what they were told. Net outcome: Many have started looking for jobs elsewhere. Readers of this can post their CVs and work samples on AnimationXpress.com’s Screenhub when they click on this link.
https://screenhub.in/register/
We intend to push your CV to studios which have not been impacted by the troubling tale of Technicolor.
