DNEG Group has successfully finalized the acquisition of Prime Focus Technologies (PFT), a leading provider of AI-powered media and entertainment cloud technology. The acquisition, which has been in progress since April 2023, is poised to strengthen DNEG’s capabilities and service offerings as it expands into media technology and distribution services.
The integration of PFT’s media workflow and automation software suite, CLEAR, and Gen AI platform, CLEAR AI, will significantly bolster DNEG’s technology portfolio. These platforms offer streaming platforms, studios, broadcasters, and brands solutions for content management, video collaboration, and automation in content production and distribution.
Furthermore, DNEG Group recently secured a significant $200m investment from the United Arab Emirates-based United Al Saqer Group (UASG). DNEG Chairman and CEO Namit Malhotra expressed his enthusiasm for the investment, emphasizing the crucial role of proprietary technology in the group’s operations. He emphasized that the acquisition of PFT and its cutting-edge technology will further empower DNEG to add value to its global partners and clients, as well as enhance its capabilities across the entire content lifecycle.
Ramki Sankaranarayanan, Founder and Global CEO at PFT, echoed these sentiments, noting that the collaboration with DNEG will usher in a new era with an AI-first approach across the content value chain. He highlighted the productivity enhancements and revenue opportunities that PFT’s AI models and applications have brought to its customers, expressing confidence that the partnership with DNEG will enable rapid innovation and deliver exceptional value to clients.
In a separate industry development, ITV recently launched an eBay marketplace for unwanted props and costumes, offering enthusiasts and collectors the opportunity to acquire unique memorabilia from popular television shows and films.
It is evident that industry leaders such as DNEG and PFT are reshaping the landscape through strategic partnerships and technological advancements. These developments underscore the growing significance of AI-powered solutions in content creation, distribution, and customer engagement, promising a dynamic and transformative future for the media and entertainment sector.