RIVA Studios Makes Bid to Acquire TeamTO
October 30, 2024 By Laurén Alexa
The proposed sale, subject to approval from the Commercial Court of Paris on October 30, follows the French animation studio's September announcement of insolvency, attributed to market challenges in the animation industry over the past two years. French studio TeamTO has announced a potential acquisition by Italian-based RIVA Studios, subject to approval from the Tribunal de Commerce de Paris (Commercial Court of Paris) on October 30. The proposed sale follows TeamTO’s announcement of insolvency in September, attributed to market challenges in the animation industry over the past two years.
TeamTO first initiated discussions with RIVA Studios co-founders Marco Balsamo and Tara Demren earlier in the year, exploring collaborative opportunities in the face of financial pressures.
Balsamo and Demren have assembled a seasoned acquisition team, including American producer, director, and illustrator Jay Oliva of Lex and Otis Studios. Oliva previously collaborated with TeamTO on RAID: Shadow Legend - Call of the Arbiter and Infinity: Paradise Lost. TeamTO is currently co-developing and co-producing the adult animated series Junichiro Jackson with RIVA Studios and Lex and Otis Studios, with Balsamo and Oliva as showrunners.
“These are people who know the studio well, and who couldn't bring themselves to see so much talent and ability to deliver ambitious projects to an international audience disappear,” said Guillaume Hellouin, TeamTO President.
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% of permanent and temporary positions and 100% of fixed-term contracts.
“The aim of this offer is to ensure the long-term viability of the business (i.e. current productions and projects under development),” added Corinne Kouper, TeamTO SVP of Production & Development. “It will enable the teams to bounce back on solid footing with a shareholder base that has the resources to sustain the business, while retaining its world-renowned talent, together with the support of its long standing, well-established clients and partners.”
"I would be thrilled to join forces with Marco Balsamo and his team,” concluded Jean-Baptiste Spieser, TeamTO CTO. “TeamTO's R&D has already achieved remarkable breakthroughs for the studio, but by teaming up with Marco, we could elevate these advances across the entire industry. Together, we could deliver cutting-edge solutions that empower animation artists worldwide to fully realize their creative potential."