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We explained a few weeks ago that TeamTO, an animation studio based in France, was placed in receivership, and that Riva Studios had offered to acquire the company.
Yesterday, Riva Studios announced that the acquisition deal has been approved by the commercial court of Paris.
To briefly recap: TeamTO encountered financial difficulties following substantial investments, with state-of-the-art new premises in Paris designed to accommodate up to 300 people. The severe crisis in the animation sector since 2023 led to a decline in projects, leaving TeamTO’s business model unsustainable.
This resulted in judicial reorganization proceedings aimed at finding potential buyers.
A new leadership team (Marco Balsamo, Jay Oliva, and Tara Sibel Demren) will now manage TeamTO. TeamTO cofounders Guillaume Hellouin and Corinne Kouper will remain part of the team as as executive advisors, while also overseeing the executive production of ongoing and upcoming projects.
TeamTO will continue to operate from Paris and Valence, with “the majority” of the team retaining their positions.
In the announcement statement, Guillaume Hellouin expressed his satisfaction at the acquisition and voiced confidence in Riva Studios’ ability to continue TeamTO’s journey “for another 20 years and beyond.”
