Peter Jackson's visual effects firm that made 'Lord of the Rings', 'Avatar', sold for $1.6B
Peter Jackson's Weta Digital was behind 'Avatar' special effects work
Co-founded by Oscar-winning director Peter Jackson, the New Zealand-based visual effects studio, Weta Digital, has been sold for $1.6bn (£1.2bn), reports claim.
The firm has worked on many big-budget movies, including 'Lord of the Rings' and 'Avatar', and has been bought by video games software company Unity.
Unity is the company behind hit games such as 'Pokémon Go' and 'Call of Duty: Mobile'.
The firms has said that the latest deal with Weta means its special effects tools will be "democratised".
"Together, Unity and Weta Digital can create a pathway for any artist, from any industry, to be able to leverage these incredibly creative and powerful tools," Peter Jackson said in a statement.
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"For the southern hemisphere, Weta is our version of Hollywood. Peter Jackson is a visionary filmmaker. He didn't have the tools he needed to achieve the results he wanted so he put a team together," Sydney-based film critic James Fletcher told the BBC.
In a statement, Unity said it will "put Weta's incredibly exclusive and sophisticated visual effects tools into the hands of millions of creators and artists around the world" enabling them to shape the future of the metaverse.