Owner of The Mill, MPC Advertising and Mikros Animation near to shutting down

Technicolor

Technicolor is reportedly close to collapse, after sending emails to its international employees warning of bankruptcy and administration.

The Paris-headquarted VFX business, which owns The Mill, MPC Advertising and Mikros Animation, has reportedly sent an email to its US employees from CEO Caroline Parot on Friday, stating, “Despite exhaustive efforts — including restructuring initiatives, discussions with potential investors, and exploring acquisition opportunities — we have been unable to secure a viable path forward. Unfortunately, this leaves us with no alternative but to acknowledge that the Company may be forced to foreclose.”

It added, “If no viable solution is identified by the end of today, Friday, February 21, 2025, we will be required to cease our U.S. operations as early as Monday, February 24, 2025.”

In addition, reports claim UK employees have also received an email from the company on Sunday, appointing Interpath Advisory as administrator and stating, “Once the Administrators are appointed, they will send an email with dial in details for a call tomorrow afternoon where they will explain the impact of the Administration on employees. Whilst you are awaiting this call tomorrow and the details for the next steps, we would ask that you please refrain from coming to the office which will be close[d] for the day.” 

Over 10,000 VFX and animation workers are employed by Technicolor around the globe. Its UK post and VFX divisions were sold to Streamland Media in 2021. 

Update: Interpath Advisory has since confirmed its role as administrator, and revealed redundancies and next steps.