Paris-based TeamTO has announced a potential acquisition by Italian-based Riva Studios, subject to approval from the Tribunal de Commerce de Paris. This proposed sale follows TeamTO’s announcement of insolvency in September, attributed to unforeseen market challenges in the animation industry over the past two years.
The acquisition team assembled by Riva’s co-founders Marco Balsamo and Tara Demren includes American producer, director, and illustrator Jay Oliva of Lex and Otis Studios.
TeamTO is currently co-developing and co-producing Junichiro Jackson, an adult animated series, with Riva and Lex and Otis.
The planned restructuring will create three divisions within TeamTO: a production company, a service studio, and an R&D technology company. This reorganization aims to preserve 70 percent of permanent and temporary positions and 100 percent of fixed-term contracts.
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