Galloping Horse America and Reliance MediaWorks (USA) Inc has won an action to acquire the assets of Digital Domain Media Group Inc for $30.2 million.

The winning deal is subject to the implementation of an asset-purchase agreement and bankruptcy court approval and a hearing for the matter will be held on Monday, according to the joint statement from the three companies.

Venkatesh Roddam, chief executive officer of film and media services at Reliance MediaWorks Ltd said that the company had a working relationship with Digital Domain over the years. He expressed delight over taking the relationship forward through the joint Galloping Horse-Reliance acquisition.

"We are looking forward to working with Digital Domain employees and customers to make the operation better and stronger," he said.

Digital Domain, which is a special effects company, was established by filmmakers James Cameron and Stan Winston in 1993. The company had filed bankruptcy protection on 11 September this year. The company has worked on iconic movies including Titanic, Apollo 13, Transformers: Revenge of the Fallen, Avatar, X-Men: First Class, Transformers: Dark of the Moon, Pirates of the Caribbean: At World's End, Star Trek and Armageddon.

Ed Ulbrich, chief executive officer of Digital Domain said that the new partners have competencies in the global entertainment marketplace.