Film director Peter Jackson, famed for the Lord of the Rings trilogy, sells his special effects firm Weta Digital for $1.6 BILLION to US-based video-game company that wants to use it to build the metaverse

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  • Peter Jackson Is Selling His Weta Digital Special Effects Company
  • It was sold to Unity, a videogame-focused software firm, for $1.6 billion in cash and stock.
  • Unity plans to use tools and talents to make its customers their own ultra-realistic corner of the metaverse
  • Deal should close by year’s end, pending regulatory approval

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Film director Peter Jackson (left) sold a part of his Weta digital special effects company to US-based Unity for $1.6 billion.

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New Zealand film director Peter Jackson, best known for his work with the Lord of the Rings trilogy, sold Weta Digital Special Effects Company to US-based Unity Software for $1.6 billion in cash and stock.

Unity, a San Francisco-based software firm, said it plans to use newly acquired technologies to give its customers their own ultra-realistic corner of the metaverse, an immersive 3D version of the Internet.

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Under the deal, Unity, which has traditionally focused on videogames, will take over the technology and engineering assets of Wellington-based Weta Digital, while Jackson will own a standalone film effects company known as WetaFX. majority of.

Shares of Unity closed sharply on Wednesday, up 2.8 percent at $176.45, reversing from earlier losses.

“Weta Digital’s tools open up endless possibilities for us to bring to life the worlds and creatures that originally lived in our imaginations,” Jackson said in a statement. Statement,

‘Unity and Weta Digital together can create a path for any artist from any industry to be able to take advantage of these incredibly creative and powerful tools.

Shares of Unity closed sharply on Wednesday, up 2.8 percent at $176.45, reversing from earlier losses

Shares of Unity closed sharply on Wednesday, up 2.8 percent at $176.45, reversing from earlier losses

Peter Jackson is a New Zealand film director, screenwriter and film producer.  He is best known as the director, writer and producer of the Lord of the Rings trilogy.

Peter Jackson is a New Zealand film director, screenwriter and film producer. He is best known as the director, writer and producer of the Lord of the Rings trilogy.

The deal provides Unity with Weta's technology division, which includes its artist equipment and engineering talent.  Weta Digital is known for special effects in Avengers: Endgame

The deal provides Unity with Weta’s technology division, which includes its artist equipment and engineering talent. Weta Digital is known for special effects in Avengers: Endgame

“Giving aspiring creatives access to Weta Digital’s technology will be nothing short of game changing and Unity is the company that brings this vision to life.”

The deal provides Unity with Weta’s technology division, which includes its artist equipment and engineering talent, Engadget Report.

Weta Digital has done visual effects for several blockbuster hits such as Avengers: Endgame and the Hobbit trilogy.

Weta’s VFX and animation teams will form a separate entity called WetaFX, in which Jackson will retain a majority stake.

Unity, a San Francisco-based software firm, said it plans to use newly acquired technologies to let its customers build their own ultra-realistic corner of the metaverse.  Techniques used in the movie Avatar

Unity, a San Francisco-based software firm, said it plans to use newly acquired technologies to let its customers build their own ultra-realistic corner of the metaverse. Techniques used in the movie Avatar

The deal is expected to be completed by the end of the year, pending regulatory approval.

The Metaverse made headlines last month when Facebook changed the name of its parent company to ‘Meta’, reflecting founder Mark Zuckerberg’s commitment to the concept.

The name change also comes as the world’s largest social media company grapples with criticism from lawmakers and regulators over its market power, algorithmic decisions and the policing of abuses on its platforms.

The company’s Metaverse will let people put on headsets and enter a virtual world where they can be anyone or anything from the comfort of their own home.

The Metaverse made headlines last month when Facebook changed the name of its parent company to 'Meta' to focus on the digital world.  People create avatars of themselves which can include specific skin colors, clothing facial features, and other features.

The Metaverse made headlines last month when Facebook changed the name of its parent company to ‘Meta’ to focus on the digital world. People create avatars of themselves which can include specific skin colors, clothing facial features, and other features.

People create avatars of themselves which may include distinctive skin colours, facial features of clothing, and other characteristics unique to the individual.

These avatars can then move anywhere in the virtual world – meet friends around the world, attend a meeting without leaving their home office or even sit in their own kitchen. One can dine with the family on a foreign restraint.

‘The metaverse has the potential to help unlock access to new creative, social and economic opportunities. And the Europeans will shape it from the start,’ Meta said in October blog post,

What is Metaverse?

The ‘Metaverse’ is a set of virtual spaces where you can play, work and communicate with other people who are not in the same physical space as you.

Facebook explained: ‘You’ll be able to hang out with friends, work, play, learn, shop, create and more.

‘It’s not necessarily about spending more time online – it’s about making the time you spend online more meaningful.’

While Facebook is leading the charge with Metaverse, it explained that it is not a single product that one company can build alone.

It said, ‘Like the Internet, the metaverse exists whether or not Facebook exists.

‘And it will not be built overnight. Many of these products will be fully realized only in the next 10-15 years.

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