TMNT and Gatchaman Studio Shuts Down

The Associated Press is reporting that Imagi International Holdings stopped funding its computer animation studio on February 5 to “to further preserve its limited liquidity and shareholder value.” The studio will ask a Hong Kong court to name liquidators.

According to the report, Imagi said it will continue to develop movie ideas and outsource the actual animation work to mainland China and other countries, where costs are lower. We assume this means that the CG-animated Gatchaman is safe. Nickelodeon and Paramount recently announced they are making a new Teenage Mutant Ninja Turtles movie for 2012, but that will be live action.

In 2007, Imagi released its first feature movie TMNT, which earned $95.6 million worldwide. But Imagi’s second release, Astro Boy, fared poorly last year making just $23 million worldwide.

Source: Associated Press