Italian animation producer Riva Studios has finalized its acquisition of leading French indie TeamTO after receiving final approval from the Tribunal de Commerce de Paris.
Led by Riva Studios executives Marco Balsamo, Jay Oliva, and Tara Sibel Demren, the acquisition will prevent TeamTO from having to declare bankruptcy and allow the company to move into its 20th year of operation in 2025.
TeamTO is the company behind the popular Children’s & Family Emmy-winning Netflix series “City of Ghosts” and other outstanding kids’ programming, including “PJ Masks” and “Elena of Avalor,” to name a few. In 2018, when the company was producing seven to eight titles per year, they started work on a new state-of-the-art studio that would allow the company to increase to as many as 12 productions per year.
However, during and since the pandemic, global commissioners have cut back massively on the number of titles they’re ordering, leading to the bottom falling out of the European indie animation market. TeamTO now produces only three titles per year, a number that Helloin says is sustainable, but only with help from Riva and a move to a smaller facility.
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“TeamTO set a world-class standard for animation and this is a pivotal moment for the studio,” said Riva executive Marco Balsamo after the approval was granted. “Under this new direction, we’re not just continuing the studio’s legacy—we’re building a stronger, more ambitious company that’s ready to elevate that standard and redefine what’s possible. With our team’s vast experience, passion, and bold vision for the future, we’re ready to break new ground and shape the future of the industry that we all love,”
Riva and TeamTO have been working together for the last year on the adult animated series “Junichiro Jackson.” According to TeamTO President Guillaume Hellouin, conversations about a potential investment by Riva in the studio started six months ago but sped up this fall as the situation became more urgent.
According to fellow Riva executive Jay Oliva, “Opportunities like this are rare and I couldn’t be more excited to help lead TeamTO into a new era. In today’s evolving animation landscape, this is a golden opportunity to expand the studio into uncharted territories that will push creative boundaries through innovative visual styles and immersive stories that will inspire audiences around the world. I can’t wait for everyone to see what’s next.”
“We couldn’t be happier as we know this leadership team will honor our two decades of creative excellence with a visionary plan that will ensure TeamTO’s success for another twenty years and beyond,” added Hellouin.