India’s Tata Elxsi buys Los Angeles animation company
Further signaling India’s growing presence in Hollywood, the visual effects and engineering division of Indian conglomerate Tata is buying a majority share in a Los Angeles-based kids’ animation firm.
Tata Elxsi, which a year ago opened a visual effects studio in Santa Monica, has reached an agreement to acquire a 51% stake in A Squared Entertainment.
A Squared Entertainment is the producer of the animated TV and Web series “Secret Millionaire’s Club” with billionaire Warren Buffett and “Martha & Friends,” the upcoming series on the Hallmark Channel featuring a 10-year-old Martha Stewart.
“We’re really trying to create an animation studio of the 21st Century,”’ said children’s entertainment veteran Andy Heyward, co-president of A Squared Entertainment. “The advantage for us is to have the very best of the Hollywood entertainment community and be able to produce the animation in a very low-cost, skilled environment with a partner who has the wherewithal to do that.”