Fox Studios Australia is set to buy Panavision's local lighting equipment division, which has officially been on the market since November last year.
Panalux, which has serviced the industry since 1999, has been under particular pressure as the value of the Australian dollar has skyrocketed in recent times, putting an end to the big-budget Hollywood 'runaway' blockbusters that have typically relied on its lighting equipment.
Fox Studios Australia chief executive Nancy Romano said keeping the lighting equipment on Australian shores was the primary driver behind the purchase.
"By adding the lighting equipment operation to our studio, it will be easier and more convenient for local and international productions to source lighting equipment whilst shooting on the Fox lot in Sydney, or in any other location in Australia and New Zealand," she said in a statement.
"We see this as an investment in the future of the Australian film industry and know that keeping this equipment in Australia will help contribute to achieving a sustainable industry in the future.”
The price has not been disclosed and due diligence is continuing.
Panavision Asia Pacific managing director, Martin Cayzer, said the company's future focus will now be on camera and crane rentals for local and international movies, television series and commercials productions. The company is located in the NSW suburb of Lane Cove with several other major screen companies including Deluxe Australia and ARRI Australia.