Los Angeles, California. PostWorks LA, LLC, a provider of post-production services to theatrical, cable and broadcast customers, has sold substantially all of its assets to an affiliate of Ascent Media Corporation (Nasdaq: ASCMA). Financial terms of the transaction were not disclosed. PostWorks LA was advised by investment banking firm Hadley Partners, Incorporated (www.hadleypartners.com).
PostWorks LA, located in West Los Angeles and Santa Clarita, California, has been the first to offer a high-powered and flexible post-production service capability utilizing a completely tapeless workflow to theatrical, cable and broadcast customers. PostWorks LA was built to leverage data-centric and future-looking technologies for the rapid transition from tape and film-based workflows to file-based execution. Leveraging its two locations and its affiliation with PostWorks New York, PostWorks LA has offered digital intermediate/digital cinema and HD color timing, color correction, digital conforming, film scanning, digital image restoration, QC, creation of video deliverables from data, and duplication services. PostWorks LA has served premiere productions including The Unit (produced by 20th Century Fox Television for CBS), In Treatment (produced by HBO), and Lost (produced by ABC).
“We are pleased that Ascent Media recognized the value of our investments and our customer relationships in Los Angeles,” said David Rosen, CEO of PostWorks. “Ascent is one of the premiere post-production providers in the world. We built PostWorks LA to address the real need for digital workflow post-production solutions from premiere productions. We look forward to seeing the Ascent Media team continue to grow the business we launched, and we continue to serve clients in both New York and Los Angeles.”
“Hadley Partners’ deal skills and knowledge in the media services space helped PostWorks consummate this transaction,” continued Rosen. “I was glad to have them on our side of the table and look forward to closing more business with Hadley Partners.”
For additional information about this transaction, please contact David Hadley at email@example.com.
About PostWorks (www.postworks.com)
PostWorks is one of the film and television industry's most comprehensive digital motion picture and post-production companies, offering one complete source for every postproduction requirement including film processing, telecine/scanning, non-linear editorial and picture finishing, HD mastering, Digital Intermediate workflows and film recording, as well as comprehensive film and TV sound services. In 2006, PostWorks merged with Orbit Digital, a leading global provider of mobile post-production systems and support services, to broaden its collaboration with the feature film and television communities from locations in Los Angeles, London and New York. Together, PostWorks and Orbit Digital employ a world class team of artists, engineers and producers to serve Academy Award-winning filmmakers, cutting-edge independents and every major film studio and broadcaster.
About Hadley Partners, Incorporated (www.hadleypartners.com)
Founded in 1999, Hadley Partners always seeks to provide the highest-quality merger & acquisition advisory, private placement and financial advisory services. We have a world-class team of veteran bankers that bring Wall Street experience to middle-market and emerging growth companies. Our goal is to develop relationships of trust with the leaders of these companies and with investors that pursue investment opportunities in such companies. We provide our services in a fair and flexible manner, and we always put our clients’ interests first. Hadley Partners, Incorporated is a registered broker-dealer, and a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Corporation.
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