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Warner Bros to expand British studios’ production capacity by over 50%
Global Banking & Finance Review®
Company
By David Lawder
(Reuters) -Warner Bros Discovery on Thursday said it planned to expand production capacity at its Leavesden studios near London by more than 50%, adding 10 new sound stages to the facility where much of the “Barbie” blockbuster and HBO’s “House of the Dragon” were filmed.
The project, announced during a visit to Los Angeles by British Finance Minister Jeremy Hunt, is expected to create some 4,000 direct and indirect jobs, the company said in a statement.
Hunt told Reuters in a telephone interview that the investment would total 245 million pounds ($301 million).
Warner Bros said it would increase the value of Leavesden’s annual film and television production by 200 million pounds ($245.9 million), bringing it to 600 million pounds ($737.6 million a year, Warner Bros Discovery said.
The investment comes as Warner Bros Discovery’s California production has been hit with the first joint writers’ and actors’ strikes in 63 years, delaying major projects and prompting it to slash revenue forecasts for the rest of this year.
The Leavesden project’s construction is due to start in the second quarter of 2024, with completion in 2027 and will bring the facility’s total stages to 29 from 19 currently.
Hunt said the Leavesden project “is a huge vote of confidence in the UK” and will benefit from longstanding British tax breaks for local film and television production.
“The UK ambition is to be the world’s next Silicon Valley, and we think we’re already Europe’s technology and entertainment hub. And this is another step towards that,” he said.
(Reporting by David LawderEditing by Chris Reese and Michael Perry)
Investment refers to the allocation of resources, usually money, in order to generate income or profit. It can involve purchasing assets like stocks, bonds, or real estate.
Film production is the process of creating a film, which includes development, pre-production, production, post-production, and distribution stages.
The UK economy refers to the economic system of the United Kingdom, characterized by its diverse sectors including services, manufacturing, and finance.
Economic confidence is the level of optimism or pessimism that consumers and businesses feel about the overall state of the economy and their financial situation.
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