Unity has just announced its intent to acquire Weta Digital, the legendary visual effects company co-founded by Peter Jackson, for a massive $1.625 billion.

Whether or not you recognize the name, you’ve seen Weta Digital’s work. From “Lord of the Rings” to “Avatar” to “Shang-Chi,” if its the kind of movie where people say “you should really see it in theaters,” there’s a good chance Weta Digital played a huge role in the VFX.

Leading into this deal, Weta Digital was both a team of artists creating visual effects and a team of engineers developing many of the tools those artists use. It’s those tools and engineering teams, specifically, that Unity is acquiring; the visual effects artistry team, meanwhile, will be split off into its own new thing.

Weta Digital’s 275+ engineers will join Unity. The VFX artists will be spun out into a new entity, “Weta FX,” of which Peter Jackson will continue to own…

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