The winning bidder, 34x118 Holdings, a wholly-owned affiliate of Prana Studios, purchased Rhythm & Hues after the bid was approved Friday in U.S. Bankruptcy Court, The Hollywood Reporter said.
The $17.8 million deal includes a $1.2 million cash payment and assumption of loan obligations and contractual liabilities, the entertainment industry publication reported.
Prana Senior Vice President Jeff Okun said Rhythm & Hues will remain a standalone company, "focusing on cutting-edge visual effects and innovative technology," working alongside Prana's long-form animation operation.
Prana has offices in Los Angeles and Mumbai. Its credits include "Hoodwinked" and "Tron Legacy."
Rhythm & Hues is headquartered in El Segundo, Calif., and has offices in Mumbai and Hyderabad, India; Kuala Lumpur, Malaysia; Vancouver, British Columbia; and Kaohsiung, Taiwan.
"Life of Pi" won four Academy Awards in February, including the top prize for visual effects, cinematography, best director (Ang Lee) and original score.
Swim Week Miami Beach 2014 [PHOTOS]