Unity Software to close corporate offices in 14 locations
Unity Software Inc. (U), a developer of 3-D tools for virtual reality, said on Tuesday that it planned to close corporate offices in around 14 locations, as it "evaluates its real estate footprint." The company -- whose software is used by artists and developers in industries such as film, videogames and engineering -- said in a filing that staff affected by the closures "will have the option to become fully remote, with the exception of specific roles which are location-dependent." Unity Software said it couldn't yet gauge the costs of that plan, but said it expected to incur them in the fourth quarter of this year and the first quarter of next year. Shares rose 0.8% after hours on Tuesday. The company also said it "terminated its obligations to provide certain services" to Weta FX, a visual effects company controlled by "Lord of the Rings" director Peter Jackson, and amended some intellectual property rights between the two. Unity bought Weta Digital's technology and engineering talent in 2021. At that time, Unity said Weta Digital's visual effects teams would continue as Weta FX. Unity, in the filing, said it would "recognize deferred revenue and additional consideration in connection with the amendments of approximately $114 million, and will expense the recorded cost of a related contract intangible asset of approximately $131 million, which will occur in the fourth quarter of 2023."
-Bill Peters
This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
11-28-23 1812ET
Copyright (c) 2023 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks