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Digital Domain, the award-winning visual effects company behind the blockbuster Transformers films and Tron: Legacy, is expanding into the Middle East with plans to open a 150,000-square-foot production studio in Abu Dhabi in 2015.

Parent company Digital Domain Media Group, of Port St. Lucie, Fla., said Sunday night that it was partnering with Abu Dhabi government-backed media and entertainment company twofour54 to build a studio that would create English- and Arabic-language animated movies targeted at Middle Eastern audiences, as well as produce visual and 3-D effects. The project also would include a media school run by Digital Domain, similar to one it operates in West Palm Beach, Fla.

The studio will employ more than 500 people and cost more than $50 million to build. The government of Abu Dhabi, the capital city of the United Arab Emirates, will partly subsidize the project. The investment is part of an effort by Abu Dhabi to further bolster its goal of becoming the entertainment hub of the Middle East. Game publisher Ubisoft, Fox International Channels and the Cartoon Network already have offices in Abu Dhabi.

Using money from the oil boom, Abu Dhabi and its smaller neighbor Dubai have in recent years made deals with such Hollywood studios as DreamWorks Animation, Universal Studios and Warner Bros. to build theaters, theme parks and other facilities as well as to finance movies.

The latest deal comes as California visual effects companies have been expanding abroad to tap low-cost labor and attractive film tax credits to produce effects more cheaply. Abu Dhabi announced over the weekend that it would begin offering a 30% rebate toward qualified production costs. Since its founding in Venice in 1993 by director James Cameron and other partners, Digital Domain has opened offices in Florida; London; Vancouver, Canada; and Mumbai, India. The effects company also is teaming up with Chinese production outfit Beijing Galloping Horse Film Co. to form a 3-D production studio in China.

There is tremendous opportunity to produce original entertainment content for Middle Eastern audiences worldwide, and to bring the Hollywood work and our own original productions here as well, said Digital Domain Chief Executive John Textor. Pairing the school and the studio enables us to help the Emirate to build a sustainable creative industries base.

Wayne Borg, chief operating officer of twofour54, called the project a significant event in the evolution of the media industry in the Middle East, noting it will enable young Arabs to develop skills and careers in an area of the media industry that has simply never existed in the region before.

Digital Domain also is producing its own movies, including next years live-action release Enders Game, a sci-fi feature starring Harrison Ford, and an animated movie called The Legend of Tembo.

But the company, in which Cameron no longer holds a stake, has struggled financially. It posted a loss of $14.8 million in the first quarter, compared with a loss of $39.1 million a year earlier, while revenue in the quarter dropped 19% to $31 million. Executives cited higher costs from opening a new animation facility in Florida this year and having fewer major film projects.

Textor recently created a stir over remarks he made about the companys new animation and digital arts institute, an unusual public-private partnership with Florida State University. The project has caused an uproar among visual effects artists in Hollywood, who fear it will encourage students to work for free at Digital Domain's planned visual effects studio in West Palm Beach.

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Digital Domain to open animation and visual effects studio in Abu Dhabi

CANNES, France--(BUSINESS WIRE)--

At the Cannes Film Festival today, digital production company Digital Domain Media Group (NYSE:DDMG - News), and twofour54, the Abu Dhabi government-backed media and entertainment hub, announced that they are collaborating to drive development of the local film, TV and media production industry in the Middle East.

Digital Domain Media Group (DDMG) will establish an animation, visual effects and motion capture studio and Digital Domain Institute media school in Abu Dhabi. The collaboration is designed to support the Emirates goal to become the regions center of excellence for media content creation, growing both the industry and national talent.

DDMG will begin production of visual effects and animation in studios in twofour54 at the beginning of 2013, with plans to recruit and hire staff immediately from local and international talent pools. Over time the studio will employ upwards of 500 people. DDMG will develop a purpose-built 150,000 square foot (14,000 square meter) state-of-the-art entertainment production complex, which is expected to be operational by the end of 2015.

The new Digital Domain studio will create animated feature films, produce visual and 3D effects, engage in the production of original Middle Eastern-branded entertainment for global audiences and contribute to international productions. The studio will become part of Digital Domains global feature film VFX and animation pipeline, connected to its studios in Los Angeles, Vancouver, San Francisco, London, Florida and Mumbai.

The Digital Domain Institute/Abu Dhabi, modeled after the Digital Domain Institute in West Palm Beach, Florida, will train students in the essential skills of digital media production for entertainment, simulation and related applications. Classes at the Digital Domain Institute/Abu Dhabi are scheduled to begin early in 2014. The market development initiative and creation of the DDMG studio and school are funded by $100M (US) in grants from the Abu Dhabi government.

This marks the first time a major, global studio has established a presence in the region, highlighting the impact that twofour54 has had on the media industry in the Arab world. By bringing leading edge technologies and creative techniques to Abu Dhabi, DDMG will support the wider film and TV production industry and provide massive opportunities for talent and creative development in the region.

Separately, earlier this week, twofour54 announced that the Emirate of Abu Dhabi now offers one of the worlds most competitive production incentives -- a 30% rebate for film, television and commercial media projects.

We are incredibly excited to join twofour54 in building a strong foundation for the filmmaking industry in Abu Dhabi, said DDMG CEO and Chairman John Textor. There is tremendous opportunity to produce original entertainment content for Middle Eastern audiences worldwide, and to bring Hollywood work and our own original productions here as well. Pairing the studio and school enables us to help the Emirate to build a sustainable creative industries base. Abu Dhabi was the natural location for us given its strategic location, modern infrastructure and supportive government. Were looking forward to grooming up-and-coming Arab filmmakers at a time of such great awakening in this part of the world.

Digital Domain represents the next great leap forward for twofour54 and Abu Dhabi a strong move into digital production and the development of locally created feature films and TV content, said Wayne Borg, Deputy CEO and Chief Operating Officer of twofour54. The establishment of DDMG in Abu Dhabi is a significant event in the evolution of the media industry in the Middle East. It will provide incredible opportunities for young Arabs to develop skills and careers in an area of the media industry that has simply never existed before in the region.

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Digital Domain Announces Abu Dhabi Expansion, Receives $100M Grant for Animation Studio and Educational Institute

LONDON--(BUSINESS WIRE)--

Today, notonthehighstreet.com, the award-winning online marketplace, announced a Series D investment of 10m led by international investors Fidelity Growth Partners Europe (FGPE) and supported by previous investors, Index Ventures and Greylock Partners.

Notonthehighstreet.com offers curated collections of original and inspiring products from the best small creative businesses. Now in its sixth year, the company has grown its initial network of 95 small business partners to over 3,000 who sell over 50,000 products between them.

This fourth round of investment will allow notonthehighstreet.com to continue growing its offering and brand whilst investing in technology to remain at the forefront of innovation. Having recently launched multi-currency functionality, the investment is a vital step in enabling notonthehighstreet.com to reach consumers globally whilst also exploding the growth of the company in the UK. The growing consumer trend of rejecting the generic and mass produced continues to be matched by the companys plans to expand internationally with its curated offering of high quality unique products.

Holly Tucker, CEO and co-founder of notonthehighstreet.com said of the investment:

We are thrilled to be working with FGPE which has over 40 years of experience supporting businesses such as ours to help provide the expertise, resources and connections required to take us to the next level. With them, we will expand the opportunities in the UK by supporting more talented small UK businesses and so becoming the number one destination for original, thoughtful products which celebrate what matters to an individual."

Davor Hebel, partner at FGPE, commented: In a few short years notonthehighstreet.com has successfully reached a significant portion of the UK population through its unique gift offering.The companys phenomenal success to date is reflected in its outstanding performance and the many industry awards it has won. We are very excited to be part of the next phase of the companys journey as it looks to transform the global gifting market.

Davor Hebel from FGPE and Laurel Bowden from Greylock Partners will join the board of notonthehighstreet.com.

Ends

Note to Editors:Holly Tucker, Sophie Cornish and Davor Hebel are available for interview.

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Fidelity Growth Partners Europe Leads a £10m Investment in Online Marketplace notonthehighstreet.com

by Ronnie Teo, ronnieteo@theborneopost.com. Posted on May 19, 2012, Saturday

KUCHING: Kuala Lumpur-based property developer Suez Domain Sdn Bhd (Suez Domain) is offering the corporate office towers of its upcoming project, KL Gateway, to Sarawakians.

During its roadshow organised by its exclusive marketing partner Borneo Real Estate, Suez Domain general manager of retail, Benjamin Leong, outlined the groups expectations for Sarawakian investors to partake in this project, slated to be completed by 2016.

I believe that the Sarawak market is very discerning, he told The Borneo Post.

Sarawakians are also very strong investment people in terms of investment styles.

We feel that our product will provide them an opportunity to establish some presence in the peninsula, especially in Kuala Lumpur at a very prime location.

Leong added that its packages at the premium floors were very competitive, translating to a beneficial price point and would add to the investors portfolios without hesitation.

He noted that the KL Gateway project held a gross development value of RM1.7 billion spanning over 7.18 acres and consisting of four sections: Corporate Office Towers, Boutique Retail, Serviced Suites and Managed Service Suites.

KL Gateway is located along the Federal Highway and is connected to other major motorways such as the Sprint Highway/Kerinchi Link and the New Pantai Expressway.

The property is envisioned to be a peaceful oasis in the heart of KL with an outdoor courtyard surrounded by a series of garden spaces designed to be a public room that will attract people from the surrounding neighbourhoods.

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Suez Domain offers KL Gateway office towers to Sarawak market

PORT ST. LUCIE, Fla.--(BUSINESS WIRE)--

Digital Domain Media Group (NYSE: DDMG - News) today reported revenue of $31.1 million and a GAAP net loss attributable to common stockholders of $14.8 million, or $0.37 per basic share, for the first quarter ended March 31, 2012. For clarification purposes, the companys results exceeded consensus analyst estimates of $26.5 million in revenues and a consensus expected GAAP net loss of $17.1 million, or $0.40 per basic share.

We are continuing to build our company beyond the traditional work-for-hire VFX business, said John Textor, Chairman and CEO of Digital Domain Media Group. In the first quarter, we made significant progress as we opened Tradition Studios, our original-content family feature animation studio, began classroom instruction at the Digital Domain Institute and started filming on our first feature film co-production, the highly anticipated and globally recognized Enders Game. More recently, the first product of our Virtual Performance business, a virtual Tupac Shakur who performed at the Coachella Music festival, launched an entirely new form of entertainment.

Business developments since the beginning of the first quarter include:

With a long list of transformational accomplishments in the first quarter, Textor continued, we are pleased to remain on plan as we grow our business. As we continue to deliver on the promises that we have made to both taxpayers and shareholders, we look forward to our continued migration to a content ownership business model and the expected near-term impact of exciting new forms of entertainment, such as our virtual performance business.

Business Model and Profitability Outlook

As we report our financial results, with a combination of established business segments and new expansion initiatives, we feel it is important to provide a reminder of the logic of our business model and the metrics that are critical to our goal of achieving a level of positive operating cash flow in 2012, Textor commented. As we leverage our visual effects work-for-hire business as a platform to engage in other, more lucrative business opportunities, we have also used substantial grant funding from government relationships to mitigate the risk of our business expansion and associated launch expenses.

The following unaudited table presents an analysis of operations for the three months ended March 31, 2012 and 2011, revealing the impact of new business launch expenses, such as unutilized labor in the Visual Effects segment, the deferred margin impact of Enders Game in the Visual Effects Co-Production segment, and heavy Florida overhead in the new business Corporate segment.

Three

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DDMG Beats Revenue and Earnings Estimates, Reporting 1st Quarter Revenues of $31.1 Million and EPS Loss of $0.37 per ...