From Variety:

Amid financial difficulties, Technicolor — which includes leading VFX brands MPC and short form VFX banner The Mill — has started to shut down parts of the company. But the creative leadership and “practically the entire creative staff” of what was Technicolor’s The Mill U.S. has pivoted and is joining forces with Dream Machine FX to launch a new venture, Arc Creative.

“This past Friday, we were collectively informed that after 35 years of groundbreaking artistry, The Mill would be closing its doors this Monday [Feb. 24] — a casualty of the many years of Technicolor’s well-publicized financial struggles,” the more than 100 artists formerly of The Mill U.S. explained in a joint statement to Variety.

“It was a moment that stopped us in our tracks. It goes without saying, the past few days have been filled with emotions: shock, anger, sorrow, concern, and ultimately, resolve. While The Mill as we know it has shut its doors, its spirit, its passion, and its legacy live on through its amazing and talented people. After all, it was always the people that made The Mill truly special.”

Dream Machine FX is a group holding company for VFX brands Important Looking Pirates (whose recent credits include “Shogun”), Fin (credits include “The Creator”), Zero VFX (“Challengers”) and Mavericks VFX (“The Handmaid’s Tale”). Arc Creative will launch with a primary focus on short-form work including high-end advertising, game cinematics and trailers.

Arc Creative’s team include The Mill U.S.’s executive creative directors, Robert Sethi and Gavin Wellsman, and managing directors Angela Lupo and Anastasia von Rahl. Its creative directors include Ilya Abulkhavov, James Allen, Jimmy Bullard, David Lawson, John Leonti, Tom Mccullough and Thiago Porto.

The team includes VFX supervisors Antoine Douadi, Anthony Jones, Eva Kuehlmann, Yarin Manes, Nhat Tran, Graeme Turnbull, as well as well as nine executive producers and ten heads of departments including 2D and 3D.

Full details at Variety.