Digital Domain Media Group, a visual effects firm, has announced that a joint venture led by Galloping Horse America and Reliance MediaWorks (formerly Adlabs) has submitted a winning bid to acquire the company for $30.3 million. DD will continue to operate in the normal course of business once the US Bankruptcy Court approves the acquisition. Galloping Horse, based in Beijing, will take 70% and Reliance, based in Mumbai, will take 30% of Digital Media. Galloping Horse and Reliance will acquire all the assets constituting the businesses of Digital Domain and Mothership -- feature film, and advertising visual effects, commercial production, studios in California and Vancouver, BC, Canada and a co-production stake in the feature film "Ender's Game". The JV will also acquire assets free and clear of all claims with sale proceeds going to the bankruptcy estate. Founded in 1993 by…
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