SEAN PARKER

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The deal has been in the works since early 2021

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FILE - In this May 6, 2017, file photo, Sean Parker arrives at an event in Culver City, Calif. Tech billionaire Sean Parker has been approved by New Zealand authorities to buy a one-third stake in film director Peter Jackson's visual effects studio. (Photo by Jordan Strauss/Invision/AP, File)WELLINGTON – New Zealand authorities have approved tech billionaire Sean Parker’s purchase of a one-third stake in film director Peter Jackson’s visual effects studio. Parker needed special permission from the Overseas Investment Office because he isn’t a New Zealand resident and the Weta Digital studio is worth more than 100 million New Zealand dollars ($71 million). Weta will issue new shares for Parker, diluting Jackson's stake. In 2016, Parker and Akkaraju founded a video-on-demand startup called Screening Room, which this year relaunched as SR Labs.

Weta Digital, the Academy Award-winning visual effects company that made The Lord of the Rings and Avatar possible, is making original animated content for cinemas and streaming for the first time in its 25-year history. Peter Jackson and Fran Walsh, the married filmmaking team behind The Lord of the Rings and majority stakeholders in the company, plan to write, produce and direct several of the projects for Weta Animated. Its also been one of the rare filmmaking companies that has been able to continue functioning safely throughout the pandemic. In addition to the Avatar sequels, Weta Digital is also working on Jungle Cruise and The Batman.Akkaraju co-founded SR Labs with Sean Parker, who recently invested in the company and joined the board as vice chairman. Im thrilled to be joining Peter, Fran and the extraordinary team at Weta as we enter into a hypergrowth stage with the launch of original content, Akkaraju said.

Sean Parker, the former Facebook president and co-founder of Napster, has donated $250 million to fight cancer, specifically in the field of immunology. The donation sets up a new institute that links six of the leading cancer research centers. Sean Parker joins CBSN to discuss his major donation.