Riva Studios Emerges As Potential Buyer For Insolvent French Animation Studio TeamTO

A potential new buyer has emerged for TeamTO, the troubled French animation studio which entered insolvency last month and whose assets are currently available for sale.

The buyer – U.S.-based Riva Studios – unlike the other three companies that are currently attempting to buy TeamTO’s assets, appears to have the backing of two of TeamTO’s co-founders Guillaume Hellouin and Corinne Kouper. Riva’s bid will be considered tomorrow alongside the other bidders in a hearing before the Commercial Court of Paris.

TeamTO first initiated discussions with Riva Studios co-founders Marco Balsamo and Tara Demren five months ago to explore collaborative opportunities. Since that time, Balsamo and Demren have assembled an acquisition team, including American producer, director, and illustrator Jay Oliva of Lex and Otis Studios. Oliva had previously worked with TeamTO on RAID: Shadow Legend – Call of the Arbiter and Infinity: Paradise Lost.

Riva’s plan is to restructure TeamTO into three divisions: a production company, a service studio, and an R&D technology company. The reorg would aim to preserve 70% of permanent and temporary positions and 100% of fixed-term contracts.

TeamTO is currently co-developing and co-producing Junichiro Jackson, an adult animated series, with Riva and Lex and Otis Studios, with Balsamo and Oliva as showrunners.

Hellouin, TeamTO President, said in a statement, “These are people who know the studio well, and who couldn’t bring themselves to see so much talent and ability to deliver ambitious projects to an international audience disappear.”

Kouper, svp of production & development, added, “The aim of this offer is to ensure the long-term viability of the business (i.e. current productions and projects under development). It will enable the teams to bounce back on solid footing with a shareholder base that has the resources to sustain the business, while retaining its world-renowned talent, together with the support of its long standing, well-established clients and partners.”

TeamTO CTO Jean-Baptiste Spieser also supported the bid and said, “I would be thrilled to join forces with Marco Balsamo and his team. TeamTO’s R&D has already achieved remarkable breakthroughs for the studio, but by teaming up with Marco, we could elevate these advances across the entire industry. Together, we could deliver cutting-edge solutions that empower animation artists worldwide to fully realize their creative potential.”