Namit Malhotra sees more upside in existing businesses, such as animation, new areas, including video games and the metaverse, and also wants to step up work as a co-producer.
“Due to the headwinds in the SPAC marketplace and general market volatility, we have decided to terminate our SPAC process with Sports Ventures,” Namit Malhotra, DNEG chairman and CEO, said in a statement.
The DNEG boss also expressed his confidence in moving ahead as a privately held company. “We feel incredibly optimistic about DNEG’s future, and the company continues to demonstrate impressive financial results, with our highest-ever revenue growth announced earlier this week,” he said in the statement.
With the SPAC deal off the table, “everything is back on the table to actually consider what is the best route for us to take, because we don’t really have any urgent need for financing,” the CEO also highlighted.
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