RIVA Studios Buys Troubled French Studio TeamTO.
December 6, 2024 By Jesse Whittock, Stewart Clarke
Italy’s Riva Studios has won a “highly-competitive” auction for TeamTO, saving the iconic French animation studio from bankruptcy. The price was €2.6M ($2.7M) court filings have shown. The acquisition was approved by the Tribunal de Commerce de Paris today, with Riva’s executive team Marco Balsamo, Jay Oliva, and Tara Sibel Demren (pictured) set to lead TeamTO going forwards. TeamTO had run into financial problems earlier this year and was put up for sale before beginning bankruptcy proceedings, with Riva emerging as a late bidder during an auction process as other exited the process. Now the deal is done, TeamTO will continue to operate from Valence and Paris and a “majority” of its staff will be retained, with work continuing on current and upcoming series. The studio is known for making originals such as Jade Armor and Angelo Rules, and for work on shows such as PJ Masks, The Creature Cases and Skylanders Academy. Founders Guillaume Hellouin and Corinne Kouper will continue as executive advisors while also serving as executive producers on current and upcoming projects. “We couldn’t be happier as we know this leadership team will honor our two decades of creative excellence with a visionary plan that will ensure TeamTO’s success for another twenty years and beyond,” said Hellouin. “Under this new direction, we’re not just continuing the studio’s legacy, we’re building a stronger, more ambitious company that’s ready to elevate that standard and redefine what’s possible,” added Riva’s Balsamo. French animation, often touted as among the most lauded globally, as been hit hard in recent years, with the likes of TeamTO and Cyber Group Studios entering administration as the tough economic climate pinches.