PORT ST. LUCIE, Fla.--(BUSINESS WIRE)--Sep. 7, 2012-- Digital Domain Media Group, Inc. (NYSE:DDMG) today announced that it has initiated a strategic realignment that will enable it to focus its resources on its core business, Digital Domain Productions, Inc., a company focused on creating digital visual effects, CG animation and digital production for the entertainment and advertising industries. As a key part of this strategic realignment, DDMG has begun the cessation of its Port St. Lucie operations by reducing virtually its entire Port St. Lucie workforce, retaining approximately 20 employees who will remain as part of the wind-down.
DDMG’s studios in California and Vancouver intend to continue to operate without interruption, as will the Digital Domain Institute, based in West Palm Beach, Florida. Long-time Digital Domain executive Ed Ulbrich has been promoted to Chief Executive Officer of Digital Domain Productions.
According to a local news report, over 200 artists, whose jobs were created as part of a promise to the state of Florida, are being fired. We're saddened at the loss of a feature animation studio and the impact it will have on so many lives.
While its easy to point at mistakes the former CEO made, its important to understand that at the core, he attempted to create a new business model in spite of the industry's resistance to change. That goal should be at the heart of all who call animation/visual effects their muse.
We wish Mr. Ulbrich and the rest of the artists and staff at Digital Domain the best of luck.