The executive team at Riva, Marco Balsamo, Jay Oliva, and Tara Sibel Demren, is preparing to lead TeamTO into the future.
Italian studio Riva Studios won a competitive bid to acquire French animation studio TeamTO. The purchase price was €2.6 million ($2.7 million), saving the Paris-based company from bankruptcy.
The executive team at Riva, Marco Balsamo, Jay Oliva, and Tara Sibel Demren, is gearing up to guide TeamTO into the future.
TeamTO faced financial difficulties earlier this year and was put up for sale before bankruptcy proceedings began. Riva emerged as a late bidder during the auction process as others dropped out.
Now that the deal is finalized, TeamTO will continue operating out of Valence and Paris, retaining the “majority” of its staff and continuing work on current and future series.
The studio is known for original creations like Jade Armor and Angelo Rules and for contributing to shows such as PJ Masks, The Creature Cases, and Skylanders Academy.
Founders Guillaume Hellouin and Corinne Kouper will remain as executive advisors and will also serve as executive producers on current and upcoming projects.
“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,” said Hellouin.
“Under this new direction, we are not only continuing the studio’s legacy but building a stronger, more ambitious company ready to raise the bar and redefine what’s possible,” added Riva’s Balsamo.
French animation, often considered among the most acclaimed globally, has faced significant challenges in recent years. Companies like TeamTO and Cyber Group Studios have entered bankruptcy as the tough economic climate has taken its toll.
