Ascent in disc drive via Cinetech buy
Coughlin named senior VP of lab operations
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Financial details weren't disclosed, although execs confirmed it was an all-cash deal.
Ascent, owned by John Malone's Liberty Media, already provides most other services for post work and DVD authoring but had limited capabilities to restore older films as they are released for the home.
Company is hoping Cinetech will help it keep more DVD work inhouse and let it bid more aggressively for DVD releases of library titles in need of restoration before release.
Founded in 1990, Cinetech is one of the sector's top restoration houses, having worked on pics such as "The Wizard of Oz" and "On the Waterfront" and won a sci/tech Oscar in 2002.
"This is an important business unto itself but also an extension of our end-to-end service package for content holders," said Ascent CEO Ken Williams. "We get greater expertise and a lot more capacity."
In addition to using Cinetech's existing laboratory facilities, Ascent is planning to invest in improving its digital capabilities.
Along with the acquisition, Cinetech founder and prexy Sean Coughlin was named senior VP of lab operations for Ascent. He'll continue to oversee his own company, as well as Ascent's other restoration labs in Burbank and the U.K.
Ascent acquired Cinetech from private equity firm Westar Capital.
