HOLLYWOOD, March 30 (UPI) -- Prana Studios has acquired California's Rhythm & Hues, the company behind the visual effects for Oscar-winning "Life of Pi," Prana executives said.
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.