Investor Group Takes Majority Stake in Starz Animation Toronto

TORONTO: Starz has sold a Canadian investor group a majority share of Starz Animation Toronto, though it has retained an equity stake in the company.

Media and marketing executive J. Thomas Murray and executive producer Steven B. Hecht lead the Canadian buying group. The investor group will support all of the current productions and business development at the studio, while using Starz Animation Toronto as a base for its multimedia business. Starz will continue to support the CG-animation and VFX studio in a number of ways.

"We are very proud of the work that the Starz Animation Toronto team has created over the last few years, work that stands up to anything coming from the major studios," said Chris Albrecht, Starz’ president and CEO. "As a minority partner, we remain committed to the growth of the company. Starz is turning its primary focus more toward globally appealing live action TV programming and we are confident that the best way for the animation studio to continue its growth is to go forward under Canadian majority ownership."

Speaking for the Canadian partners, Hecht commented: "The artistry and professionalism of the staff at Starz Animation Toronto is well known here in Canada and around the world. Certainly the most recent evidence of the team’s quality is the impressive debut of Gnomeo & Juliet, which earned more than $100 million worldwide since opening on Feb. 11, and the work of Starz Animation Toronto has been credited for a large part of the film’s success. We plan to use this impressive track record as the platform for aggressive growth."

Hecht added: "Canadian control provides Starz Animation with two significant benefits. First, on the service side, it will be more cost competitive by taking full advantage of the significant grants, labor tax credits and subsidy opportunities available in Canada. Second, it will allow the studio to expand into development and production, on an ownership basis, of intellectual property, independently and/or together with international co-production partners."