RIVA is the only remaining TeamTO buyer after other bidders bow out
November 1, 2024 By Ryan Tuchow
Italy’s RIVA Studios stands alone as the only potential buyer left in the bid to acquire Paris-based animation studio TeamTO. Three other offers submitted by Transperfect, Hildegarde and Gabriel Finance have dropped out.
Now RIVA just has to wait for a French court to issue a ruling on whether its takeover bid is acceptable, as per the country’s bankruptcy process. That decision is expected to be announced on November 20 at 3:00 p.m. Paris time.
TeamTO (Mighty Mike, pictured, Jade Armor) went into insolvency in September after struggling with the global market downturn and a collapse of its LA work-from-home business two years ago. RIVA submitted its last-minute proposal on October 29, just ahead of the original October 30 date when the court was to issue its ruling on the fate of the studio.
The RIVA deal is favored by TeamTO executives including president Guillaume Hellouin because it’s designed to preserve the studio, and because the two companies have worked together in the past. TeamTO had actually begun talking with RIVA’s co-founders about a buyout five months ago.
RIVA develops and produces 2D/CG-animated and live-action TV series and films. It’s already co-developing and co-producing an older-skewing animated series called Junichiro Jackson with TeamTO and Lex and Otis. And Lex and Otis founder Jay Oliva, who worked with TeamTO on the series Infinity: Paradise Lost, is part of RIVA’s acquisition team that worked on the offer. If the deal closes, Oliva and RIVA co-founders Marco Balsamo and Tara Demren will become part of TeamTO’s executive team.
According to RIVA’s proposal, its plan would be to restructure TeamTO into three divisions: a production company, a service studio and an R&D technology team. It would also endeavor to keep 70% of TeamTO’s permanent and temporary team members in place, as well as 100% of the staff on fixed-term contracts.