Broadcaster Sky is to build a new 32-acre film and TV studio at Elstree in north London, with 14 new sounds stages and a raft of new technology.
The project is being backed by Sky, sister company NBCUniversal and Sky’s new parent company Comcast, working in partnership with Legal & General, which will develop the site and provide financing for the project.
The new studio is expected to open in 2022, subject to planning consent and will be able to facilitate the production of several films and TV shows simultaneously, with each of the 14 sound stages covering over 20,000 sq ft.
It will play host to major film productions from Universal Pictures, Focus Features and Working Title, and television series from NBCUniversal Content Studios. It will also have capacity to host productions from third party producers.
Legal & General is in the process of finalising a detailed design of the scheme and expect to submit a detailed planning application early next year.
Sky Studios Elstree will work in collaboration with Elstree Studios despite both businesses being managed independently of each other.
Jeremy Darroch, group chief executive, Sky, said: “Sky Studios Elstree will play a pivotal role in bringing the wealth of UK and European talent and creativity to the world. We know our customers love our award-winning Sky Originals like Chernobyl and our investment in Sky Studios Elstree will enable us to bring more unique stories to more viewers. We are proud to be working with our colleagues at NBCUniversal and Comcast, and our partners Hertsmere Council and L&G to bring this project to life. Together we share a joint vision to create a world-leading production capability that will support the creation of thousands of jobs in the creative sector. We can’t wait to get started.”
Nigel Wilson, CEO of Legal & General Group, said: “The UK is a great place to invest. Growing at twice the speed of the economy as a whole and accounting for over two million jobs, our creative industries are a key component of Britain’s bright future. This investment is a great match for backing our UK pension promises. Sky, NBCUniversal and Comcast are global leaders in entertainment which will bring the best out of the UK’s amazing pool of talent. L&G is thrilled to be playing a supporting role in this major production.”