Toonz acquires majority stake in Ireland-based firm

Thiruvananthapuram, May 29: Technopark headquartered Toonz Media Group has acquired a majority stake in the Ireland-based Emmy-winning production house Telegael, a Toonz official said on Wednesday.

Through this acquisition after two decades of its opening, Toonz will increase its in-house development and IP creation business with Telegael's design and pre-production division.

Telegael now becomes a part of one of Asia's largest entertainment groups, with a 400-talent strong studio in India, producing around 10,000 minutes of 2D and 3D animation and visual effects annually.

It joins a group with full-scale financing, production, distribution and broadcast offices in 10 major countries around the globe.

Toonz Media Group Chief Executive Officer (CEO) P. Jayakumar said that this acquisition will enable Toonz to deliver world class end-to-end services to existing and future customers across the globe.

"The addition of proven pre-production and post-production facilities, together with existing distribution capabilities and our globally recognised production expertise, delivers synergistic and customer benefits that exceed the sum of the parts," said Jayakumar.

Paul Cummins, CEO of Telegael, said this new deal offers substantial synergies and the opportunity to be part of a large vertically integrated global entertainment group.