Nikon announced on March 7 that it had entered an agreement to purchase RED. Now, Nikon’s huge acquisition is officially complete, just in time for Nikon’s NAB 2024 appearance.
While it’s not surprising that the purchase went through, there is always that tiny chance that something goes sideways before an acquisition crosses the finish line. That will be no problem for Nikon, as it has officially acquired 100% of the outstanding interests of RED.com, LLC (RED).
RED’s President, Jarred Land, is now a “close Advisor” to the company, along with RED’s founder, James Jannard. Nikon Imaging Business Unit’s Keiji Oishi is now the CEO, while Tommy Rios, Executive Vice President of RED, is Co-CEO.
“Welcoming RED, a company that has been at the forefront of innovative technology, to the Nikon family is sure to expand the possibilities of imaging expression, and further delight the market with its innovation,” comments Hiroyuki Ikegami, Executive Vice President and General Manager of Nikon’s Imaging Business Unit. “Combining the best of both companies and working together to develop new, distinctive products, is our goal and for the brand to remain the choice for fans of Nikon and RED, and possibly reach out to an even wider audience.”
RED’s new CEO, Oishi, adds, “I believe it is my mission as the representative of RED to develop the market in a way that will pay respect to the corporate cultures of RED and Nikon. You can look forward to RED’s future product development which will aim to meet and exceed the expectations of cinematographers around the world.”
“We are the pioneer in digital cinematography, and the synergy with Nikon will only help us to continue to evolve,” says RED Co-CEO Tommy Rios. “We’ll continue to deliver cutting-edge technology that no one has ever seen before. We remain committed to working together with the RED dealers around the world.”
“It is a proud moment for me to see RED, a brand that I have nurtured with passion for over 20 years, gain the opportunity to achieve new heights with the help of Nikon, a company that I also love,” says Jannard.
Nikon says RED’s current product lineup, partners, and relationships with dealers will remain the same. RED will continue to honor existing warranties and provide continued repair services, customer services, and product support.
“Nikon and RED will merge the strengths of both companies to develop distinctive products, while leveraging the business foundations and networks of both companies to expand the fast-growing professional digital cinema camera market,” Nikon explains.
There remain some open questions about what Nikon’s new acquisition will mean for the industry, but for now, it sounds like both companies will continue on their existing course while looking forward to realizing the benefits that both Nikon and RED bring to the table.
Nikon has yet to disclose how much it paid to acquire RED, although this information is expected to be part of upcoming financial disclosures.