Riva Studios Purchases Insolvent French Animation Studio TeamTO

The fate of Paris-based animation studio TeamTO, which was in jeopardy after the company declared insolvency last September, has been resolved. On December 5, the Tribunal de Commerce de Paris (Commercial Court of Paris) approved a 2.6 million euro (USD$2.7 million) bid from Italy-based Riva Studios to purchase TeamTO.

Riva was the buyer preferred by TeamTO’s management compared to other bidders who had submitted offers for the company. Riva’s founders Marco Balsamo and Tara Sibel Demren will lead TeamTO alongside veteran animation artist and director Jay Oliva.

TeamTO, whose credits include City of Ghosts, PJ Masks, and Elena of Avalor, will continue to operate from Valence and Paris, retaining the majority of its staff, while the company’s founders Guillaume Hellouin and Corinne Kouper will serve as executive advisors, as well as executive producers on current and upcoming projects.

Ongoing projects at TeanTI include the development of the mature animated series Junichiro Jackson, with Balsamo and Oliva as showrunners, as well as Sony Picture Television’s preschool series The Creature Cases and TeamTO’s original series Angelo Rules.

“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,” Balsamo said in a statement. Riva had previously said that it intended to restructure TeamTO into three divisions – a production company, a service studio, and an R&D technology company.

Oliva added in a statement:

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!