Home / Business and Economy / DNEG Acquires Anima Kitchent, Boosting Canary Islands Animation
DNEG Acquires Anima Kitchent, Boosting Canary Islands Animation
4 Jun
Summary
- VFX giant DNEG acquired Canary Islands' animation studio Anima Kitchent.
- Investment includes €24.9 million from Spain's SETT sovereign fund.
- Deal aims to create 275 new jobs and develop original animated features.
VFX giant DNEG has acquired Anima Kitchent, a prominent animation studio based in the Canary Islands. This acquisition is supported by a €24.9 million ($28.8 million) investment from the Spanish Society for Technological Transformation (SETT), a sovereign venture capital fund. Both DNEG and SETT will become shareholders in Anima Kitchent.
The acquisition aims to propel Anima Kitchent to new heights, with plans to create 275 new jobs. The focus will be on developing and producing original, high-quality animated features, thereby creating long-term value through intellectual property. This initiative is part of Spain's broader Plan Spain Audiovisual Hub.
Anima Kitchent, established in 2017, has experienced significant growth, expanding from 12 to 170 employees. The studio is known for its successful pre-school shows and its strong leverage of YouTube, boasting over 67 million subscribers. The Canary Islands offer attractive tax credits, with rates ranging from 54%-45% on film and TV expenditure, capped at €36 million ($41.8 million) per feature film.
