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).In a decision published on its website this week, the office said Parker and his business associates had the relevant experience and were “of good character.” It said Weta Digital was raising money to grow its business.Parker, who co-founded the file-sharing service Napster and is a former president of Facebook, said in June there was a huge, unmet demand for high-quality.