Post-production house on market

Adminstrators of one of Australia’s major post production houses worked through the weekend to deliver the latest episode of Australian Idol.

The Australian reports Post Op Group is being offered for sale after collapsing with debts of more than $10m.

Antony Resnick and Mark Robinson of dVT group have been appointed administrators of Post Op and associated companies, FATS Media, and Amoda Media.

They and are currently fielding offers from a number of buyers, both local and international.

Mr Resncik said, ‘Up until COVID it was a highly profitable business.”

During the height of the pandemic revenue dropped off and the directors invested millions back into the business. For the last 12 months it was dealing with a US acquirer for an acquisition of the business in the double figures, millions in US dollars.

Ater protracted negotiations, it became apparent recently that it would not go through.

Mr Resnick said the liabilities were north of $10m. While the production technology assets were worth about $7.5m.

Key suppliers owed money were all due to be paid out in full as a result of the envisaged sale.