the new 65 mm Panavision process: Far and Away (1992) and Kenneth Branagh's Hamlet (1996). In 1992, Panavision launched a project to develop a camera that involved rethinking every aspect of the company's existing 35 mm system. Nolan Murdock and Albert Mayer Sr. headed up the design team. The new Millennium camera, replacing the Platinum as the company's flagship, was introduced in 1997. The Millennium XL came to the market in 1999 and was led by Al Mayer, Jr. It soon established itself as Panavision's new 35mm workhorse. The XL was the first product in Panavision history to win both an Academy Award and a Primetime Emmy Award within the first year of official release. The update to the XL, the XL2 was initially released in 2004.[26] . The first feature films to use these latter two systems were, respectively, The Perfect Storm (2000) and Just Like Heaven (2005). The XL series not only had a much smaller camera body—making it suitable for studio, handheld, and steadicam work—but also marked the first significant change to the film transport mechanism in the camera since the Panaflex: two smaller sprocket drums for feed and take-up (a design similar to the Moviecam and subsequent Arricam) instead of one large drum to do both. As of 2006, Panavision has no further plans to develop additional film camera models. Recent restructuring and acquisitions In May 1997, Panavision announced it would be purchasing Visual Action Holdings PLC, a major film services group for $61m (£37.5m). The British-based company was formerly known as Samuelson Group PLC. The company operated three rental depots in the UK and was main agent for Panavision in France and Australia. It also had smaller rental operations in New Zealand, Singapore, Malaysia, and Indonesia. Crucially, it controlled three Panavision agencies in the US cities of Atlanta, Chicago, and Dallas (acquired from Victor Duncan, Inc.). Panavision CEO William C Scott said, "This transaction provides Panavision with a strong platform on which to grow the international side of our business and also completes our company-controlled distribution system in the US. Additionally, we will immediately expand our presence in key Southeast Asia markets, where television and film activity are expect to grow rapidly. Overall, the transaction enables us to control a true worldwide distribution network for Panavision’s camera systems and related products, one of our most important strategic objectives." Ronald Perelman's solely owned MacAndrews & Forbes