Nikon Corporation has acquired 100 per cent ownership of popular video camera company RED.com, LLC (RED) for an undisclosed amount.
Upon completion of the deal, RED will operate as a fully-owned subsidiary of Nikon, consolidating both companies' expertise in the imaging industry.
Nikon announced on its website, "Nikon Corporation (Nikon) hereby announces its entry into an agreement to acquire 100% of the outstanding membership interests of RED.com, LLC (RED) whereby RED will become a wholly-owned subsidiary of Nikon, pursuant to a Membership Interest Purchase Agreement with Mr. James Jannard, its founder, and Mr. Jarred Land, its current President, subject to the satisfaction of certain closing conditions thereunder."
Nikon Corporation, commonly known as Nikon, is a multinational corporation headquartered in Tokyo, Japan. The company, founded on July 25, 1917, is known primarily for its expertise in still-image cameras.
It now aims to tap into the rising professional digital cinema camera market through its acquisition of RED. Nikon wants to use Red to "expand the fast-growing professional digital cinema camera market."
Established in 2005 by Jim Jannard, the visionary behind Oakley sunglasses, RED has emerged as a prominent force in digital film production.
By 2016, the company had solidified its position in the movie industry, with over 25 per cent of the highest-grossing domestic films using RED cameras for filming, reported Ars Technica.
"The agreement with Nikon, reached with RED's founder Jim Jannard and President Jarred Land, signifies a new era of innovation and excellence in the professional filmmaking sector.
"This strategic partnership brings together Nikon's extensive history and expertise in product development, know-how in image processing, as well as optical technology and user interface with RED's revolutionary digital cinema cameras and award-winning technologies,” wrote Jarred Land, the President of RED, on Facebook.
Land said the acquisition will allow the two firms' to "push the boundaries of what is possible in film and video production."
Nikon sad it will seek to leverage the acquisition to expand the fast-growing professional digital cinema camera market, building on both companies' business foundations and networks.
Red and Nikon recently concluded mutual lawsuits. Red holds a broad patent on compressed RAW video, leading to lawsuits against various companies, including Nikon.
Comments