Point.360 has purchased an 18,000 square foot building in Hollywood where the multimedia services company will consolidate two existing operations.

The Burbank company did not disclose the exact location of the new facility, but its Web site said the location is “in the vicinity” of its current office at 1220 North Highland Ave. Both the Highland Avenue and Eden FX operations will move to the new location.

Chief Executive Haig S. Bagerdjian said he expects the consolidation will increase annual cash flow by about $600,000. The purchase price of the building was $4.75 million.

“The new location will provide operational efficiencies by combining our two Hollywood locations which now occupy approximately 39,000 square feet,” Bagerdjian said. “The purchase of the building fixes our facility costs for these operations for the foreseeable future.”

Point.360 provides film, videotape and other media storage and management services to movie studios and advertising agencies.

Following the announcement, shares of Point.360 were unchanged at $1.30 on the Nasdaq.