Normally everything that Canadian director and producer James Cameron touches turns to gold, but not this time around – his 3D company Digital Domain Media Group Inc.(DDMG) has filed for bankruptcy and has been purchased by a private company.
Filing for Chapter 11 bankruptcy protection, DDMG is apparently more than $200 million in debit and has been bought by an investment firm for $15 million. The company is responsible for producing special effects for such noteable flicks as "Titanic," "Transformers," "Pirates of the Caribbean: At World's End," "X-Men: First Class," and "TRON: Legacy," to name just a few.
Digital Domain Media Group out of Port St. Lucie, Florida specializes in digital visual effects and computer-generated animation across a group of interrelated businesses. The award-winning digital production company was founded in 1993 and had become the leading provider of visuals, contributing to more than 90 major motion pictures as well as hundreds of commercials – they even recently created the virtual likeness of rapper Tupac Shakur for Dr. Dre’s show at the Coachella Valley Music Festival. Its work and its employees have been recognized with numerous awards, including seven from the Academy of Motion Picture Arts and Sciences. The Florida building will be closing and more than 250 employees have already been laid off.