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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

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11-28-23 1812ET

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