The DNEG Group announced today that United Al Saqer Group (UASG) will make a strategic investment of $200 million in the Group, at a total enterprise valuation in excess of $2 billion. The DNEG Group has a consistent 25-year track record of innovating to lead in the visual effects (VFX) segment and strong profitable growth. Like all parts of the media & entertainment sector, the market in which The DNEG Group operates is undergoing a rapid evolution. The investment by UASG will accelerate The DNEG Group`s strategy of innovation and diversification to evolve from a pure visual effects services provider to a sector-agnostic content production and AI-powered technology partner, ensuring continued technology and creative leadership. In particular: - The DNEG Group will fully activate its technology division, Brahma, which is developing the industry`s most comprehensive AI-powered, photo-real CGI creator, including Ziva, to which DNEG recently acquired the exclusive license from Unity. Brahma will democratize photo-real content creation in a wide range of applications and will be built on over 25 years of industry leading proprietary data to create a product of unique quality. - The DNEG Group`s intellectual property (IP) and content creation arm, Prime Focus Studios, will be enabled to expand its investment in, and production of high-quality content, following its recent successful co-production of The Garfield Movie. - The DNEG Group will open a new office and visual experience hub in Abu Dhabi, with plans to develop a world class ecosystem in the Middle East for content production, storage, and distribution. This will support the creation of highly skilled jobs across the media and technology sectors, strengthening the region`s place as a creative powerhouse. DNEG Chairman and CEO Namit Malhotra will continue in his current role. He will be joined on the Group`s Board of Directors by Nabil Kobeissi and Edouard Zard from UASG, and by Prabhu Narasimhan from NaMa Capital, a leading investor in The DNEG Group, who will also become Executive Chairman of Brahma. Prabhu Narasimhan will take a leave of absence from NaMa Capital to oversee the launch and expansion of Brahma. Powered by Capital Market - Live News

Prime Focus has been informed that DNEG S.a.r.l., Luxembourg (DNEG), a material step down subsidiary of the Company, has agreed to raise $200 million from United Al Saqer Group, a leading Abu Dhabi-based investor (Investor), on terms and conditions as per mutual agreement. DNEG has signed an agreement on 01 July 2024 to encapsulate funding of $90 million in furtherance of signing agreement for receiving investment of $110 million (approximately) on 20 June2024 (thereby aggregating to investment of $200 million). Closing against $100 million (approximately) is expected to happen by 07 July 2024. Closing against another $10 million will be subject to timelines, terms and conditions as per mutual agreement.Closing against remaining $90 million will be done over a period of 2 years following the aforementioned completion, subject to terms and conditions as per mutual agreement. Post completion of the transaction, DNEG will continue to be a step-down subsidiary of the Company.Powered by Capital Market - Live News

Net loss of Prime Focus reported to Rs 60.35 crore in the quarter ended March 2024 as against net profit of Rs 164.16 crore during the previous quarter ended March 2023. Sales declined 39.47% to Rs 863.24 crore in the quarter ended March 2024 as against Rs 1426.16 crore during the previous quarter ended March 2023.For the full year,net loss reported to Rs 404.54 crore in the year ended March 2024 as against net profit of Rs 147.29 crore during the previous year ended March 2023. Sales declined 15.08% to Rs 3930.05 crore in the year ended March 2024 as against Rs 4628.11 crore during the previous year ended March 2023. ParticularsQuarter EndedYear Ended�Mar. 2024Mar. 2023% Var.Mar. 2024Mar. 2023% Var. Sales863.241426.16 -39 3930.054628.11 -15 OPM %4.8230.63 -6.4321.05 - PBDT-2.70400.02 PL -88.36832.83 PL PBT-115.80242.67 PL -586.71366.17 PL NP-60.35164.16 PL -404.54147.29 PL Powered by Capital Market - Live News

Prime Focus will hold a meeting of the Board of Directors of the Company on 30 May 2024Powered by Capital Market - Live News

Net loss of Prime Focus reported to Rs 55.29 crore in the quarter ended December 2023 as against net profit of Rs 16.36 crore during the previous quarter ended December 2022. Sales declined 24.04% to Rs 838.71 crore in the quarter ended December 2023 as against Rs 1104.12 crore during the previous quarter ended December 2022. ParticularsQuarter Ended�Dec. 2023Dec. 2022% Var. Sales838.711104.12 -24 OPM %3.0817.08 - PBDT14.01171.00 -92 PBT-118.1469.28 PL NP-55.2916.36 PL Powered by Capital Market - Live News