DNEG, a leading technology-enabled visual effects (VFX) and animation company for the creation of feature film, television and multiplatform content, and Sports Ventures Acquisition Corp. (NASDAQ: AKIC), announced today that the companies have mutually agreed to terminate their previously announced business combination agreement, effective immediately.

The companies decided to terminate the business combination agreement as a result of current unfavorable SPAC market conditions and other factors.

DNEG has paid a fee equal to $1,500,000 to the Sponsor.