Netflix plans to accumulate Sydney-based Animal Logic, an animation studio that has labored on hits from Happy Feet to The Lego Movies, the businesses mentioned in an announcement on Tuesday. The transfer will speed up Netflix’s efforts to construct end-to-end animation manufacturing capabilities, the assertion mentioned. The streaming service has produced a number of animated titles together with Oscar-nominated movies Over the Moon and Klaus.

“Netflix has been investing in animation over the past few years and this furthers our commitment to building a world-class animation studio,” Amy Reinhard, Netflix vp of studio operations, mentioned in an announcement.

The acquisition, which requires regulatory approvals, was introduced simply forward of Netflix’s quarterly earnings report. Netflix mentioned it expects the deal to shut later this 12 months.

On Tuesday, the streaming service averted its personal worst-case situation of subscriber losses, posting an almost 1 million drop from April via June, and predicted it might return to buyer progress in the course of the third quarter.

Terms weren’t disclosed.

Under the settlement, Animal Logic animators will type a worldwide manufacturing studio with Netflix groups to work on a number of the streaming service’s largest titles, the assertion mentioned.

Led by CEO and co-founder Zareh Nalbandian, Animal Logic is headquartered in Sydney and operates a second studio in Vancouver. The present groups and management will stay in place and can proceed to work with different studios, the assertion mentioned.

Netflix and Animal Logic already are engaged on upcoming movies The Shrinking of the Treehorns, directed by Ron Howard, and The Magician’s Elephant.

Netflix will proceed to work with different animation studios, the assertion mentioned.

© Thomson Reuters 2022