Peter Jackson sells special effects studio Weta Digital for $1.63bn

The Wellington-based studio built characters and scenes for films including Avatar, Lord of the Rings, Wonder Woman and Planet of the Apes

The special effects studio co-founded by Sir Peter Jackson, which has brought blockbusters including Lord of the Rings and Game of Thrones to life, has been sold for more than $1.6bn, in the latest blow to New Zealand's film and TV industry.

The cash and shares deal, which will see Weta Digital sold to US-based video game company Unity Software for $1.63bn, comes less than three months after Amazon made the shock decision to move its $1bn-plus development of a small screen adaptation of JRR Tolkien's Lord of the Rings (LOTR) from New Zealand to the UK after shooting just one series.