Italy’s RIVA Studios put in a last-minute offer yesterday to buy Paris-based studio TeamTO.

Originally, a ruling by the Commercial Court of Paris was expected to come down today, detailing which of the offers that are on the table to buy the Mighty Mike producer would be accepted. That decision, however, has been delayed until until November 20th at 3:00pm (Paris time).

TeamTO, which is almost 25 years old, went into insolvency in September after struggling through the global market downturn and the collapse of its work-from-home business in LA two years ago.

According to RIVA’s proposal, its plan would be to restructure TeamTO into three divisions: a production company, a service studio and an R&D technology team. It would also endeavor to keep 70% of TeamTO’s permanent and temporary team members in place, as well as 100% of the staff on fixed-term contracts. 

RIVA develops and produces live-action and 2D-/CG-animated films and TV series. One project currently on its slate is the live-action film Forza, about an 11-year-old boy in Bali who dreams of becoming a pro soccer player. 

TeamTO is already co-developing and co-producing an older-skewing animated series called Junichiro Jackson with RIVA Studios and Lex and Otis Studios. Jay Oliva, founder of Lex and Otis, who previously worked with TeamTO on the CG-animated series Infinity: Paradise Lost, is part of the potential acquisition team, along with RIVA co-founders Marco Balsamo and Tara Demren. If the acquisiton is approved, Oliva, Balsamo and Demren will become part of TeamTO’s executive team, says Balsamo. 

RIVA’s execs know TeamTO well and want to retain the French studio’s talent and preserve its ability to deliver successful international content going forward, said TeamTO’s president Guillaume Hellouin (pictured). 

According to a company spokesperson, TeamTO started talking with Balsamo and Demren about a buyout five months ago, and the studio’s executives are very happy with RIVA’s offer.

Other bids are on the table from educational brand-builder Hildegarde (roughly US$10,000), Transperfect (US$431,000) and Gabriel Finance (US$571,000). The financial terms of the RIVA Studios deal were not shared publicly. 

UPDATE 11:34 a.m.: Marco Balsamo, co-founder of RIVA Studios, tells Kidscreen the court is delaying the hearing until November 20th at 3:00pm (Paris time).