Quick take:
- The deal is expected to close in the next few weeks.
- Terms of the deal are undisclosed.
- As part of the partnership, Doodles will launch a joint venture with creative studio, Psyop.
Doodles, the Web3 entertainment company behind its eponymous NFT project, is set to acquire animation studio, Golden Wolf, according to a Deadline report. Golden Wolf has worked on the popular animated sci-fi series, Rick & Morty, and has partnered with Disney.
The financial terms of the deal are not revealed, but the deal is expected to close in the next few weeks. Once the acquisition is complete, Golden Wolf’s team will join Doodles. The animation studio’s Golden Wolf’s CEO and founder Ingi Erlingsson will take on a new role as Doodles’ Chief Content Officer but will continue to oversee and operate Golden Wolf’s offices in London and New York.
“This partnership will unlock boundless potential within each of our businesses, accelerating our goal of redefining entertainment through engaging storytelling and worlds,” said Erlingsson.
This news comes after Doodles recently made three new hires to develop products for NFT holders. Last June, Doodles appointed American rapper Pharrell Williams as Chief Brand Officer and in September completed a fundraise of $54 million led by Alexis Ohanian’s Seven Seven Six.
The acquisition will also see the launch of a joint venture called Active Ingredient as Doodles leverages Golden Wolf’s strategic partnership with creative studio, Psyop. The joint venture will aim to “reinvent storytelling and the tools used to make them a reality” by using AI and blockchain technology to create tools and techniques for brands, filmmakers and producers.
As part of the deal, Psyop will invest in Doodles as the Web3 brand makes a push into original content. Doodles began as a collection of NFT art created by artist Burnt Toast, aka Scott Martin, in October 2021. Since then, it has become an entertainment company producing animation, gaming, merchandize, music and live events.
One of the first projects after the acquisition is a collaboration between Burnt Toast and Golden Wolf. Both parties will work on “original narrative content” and the development of the Doodles characters and story. The content could include an original animated series, video games and product marketing assets.
“Web3 is powering a new generation of collecting, fandom, and consumer mindset,” said Julian Holguin, CEO of Doodles. “This investment is a move that advances our strategic priorities of creating world class content, leveraging technology to incubate new formats and ultimately, spreading joy to millions around the world.”
Holguin told Deadline that Doodles was “in discussions with several traditional media companies and creatives/producers to make a show.” He added that Doodles is in the process of developing longer-form content and will incubate some new IP in partnership with established Hollywood creatives.
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