Technicolor, Parent Company of The Mill, MPC, and Mikros, Facing Potential Closure
In a major blow to the post-production industry, Technicolor Creative Studios, the parent company of The Mill, MPC and Mikros, is reportedly on the verge of closure in a development that is expected to impact approximately 10,000 people across its global offices.
An email sent this weekend by CEO Caroline Parot to staff globally at Technicolor’s studios has been circulating on relevant industry pages on Reddit, detailing the extent of the challenges the company is facing. Citing “severe cash flow pressures,” the email conceded that “the company must face reality” due to inability to find new investors for the group. It goes on to outline the actions that Technicolor is taking to find the “appropriate framework” to allow, “when possible, to remain in business continuity.”
Reports surfaced over the weekend that US employees of The Mill had been informed of imminent closure via email on Friday, 21 February. The email, which has been widely shared online, cited “severe financial difficulties” faced by Technicolor in recent months. “Despite exhaustive efforts—including restructuring initiatives, discussions with potential investors, and exploring acquisition opportunities—we have been unable to secure a viable path forward. Unfortunately, this leaves us with no alternative but to acknowledge that the Company may be forced to foreclose.”
It went to say, “If no viable solution is found, we may be required to cease our U.S. operations as early as Monday, February 24, 2025.”
Today it was reported that Technicolor Creative Studios UK Limited was expected to file for administration. A separate email sent to UK-based staff said, “Administrators from Interpath Advisory will be appointed to handle the affairs of the UK entity, TCS UK limited, and will be responsible for liaising with all UK employees.”
Over 2,000 of Technicolor’s employees work in India. Reports have surfaced that workers there have been asked not to report to work until further notice.
Technicolor employs people across other markets such as Canada, France, Korea and China. Specifics around their status remain unclear.
Founded in London in 1990 by Robin Shenfield and Pat Joseph, The Mill quickly became one of the world’s leading visual effects studios. In 2001, it won an Oscar for Best Visual Effects for its work on Sir Ridley Scott’s Gladiator, and is known for ground-breaking VFX in commercials. Technicolor acquired The Mill in September 2015 for €259 million.
MPC (The Moving Picture Company) was founded in 1970 by Mike Luckwell and has produced Academy Award-winning work for films including 1917, The Jungle Book and Life of Pi. It was acquired by Technicolor in 2004.
Mikros, the animation arm of the Technicolor portfolio, was founded in 1985. It joined Technicolor in 2015.
In 2022, the advertising division of MPC, another Technicolor-owned VFX studio, was merged into The Mill to create a single global brand aiming to become the “world’s largest creative visual arts company.” MPC focused its efforts on the movie industry.
Alumni from The Mill and MPC have gone on to establish their own studios—many of which are now considered among the industry’s best—such as Parliament, Blacksmith, and Preymaker in the US, Rascal and Black Kite in the UK, and Ireland’s Gabha.
Technicolor, like much of the filmmaking industry, was severely impacted by the pandemic and Hollywood strikes. An October 2024 Financial Times report suggested the company had remained too focused on mainstream filmmaking while the most reliable revenue was shifting toward streaming platforms. At the time it was holding talks with potential buyers.
