Imagi International Holdings Inc. ceased Feb. 5 funding for and plans to liquidate its computer-animation operation.
The compan’s subsidiary, Imagi Animation Studios, hit hard times after its second CG-animated feature film Astro Boy grossed a disappointing $23 million worldwide since its release in October. The studio recently shut down its Los Angeles operation.
According to a statement, Imagi plans to continue to develop movie ideas and will outsource the animation to studios in countries such as China, where costs are lower.
Imagi, which had released the moderate hit TMNT in 2007, had been planning a Gatchaman feature film based on the classic Japanese anime. It’s unclear if the company plans to continue developing the project.
