Boost for creative sector
Sky unveils plan for giant TV and film studios in London
Sky Studios represents a big investment in UK creative talent
Sky has announced a major boost to to Britain’s television and film production industry with plans for a 2,000-jobs studio complex in north London.
The proposed 32-acre development at the home of the world-renowned Elstree Studios, represents a significant new investment in the UK and European creative economy.
It is backed by Sky’s new owner Comcast in partnership with sister-company NBC Universal. Legal & General will develop its site and provide financing for the project.
Sky says it will generate an additional £3bn of production investment in Britain’s creative economy over the first five years of operation, from Sky, NBC Universal and other producer.
Subject to planning consent it is expected to open in 2022 and will be capable of hosting production of several films and TV shows simultaneously, with each of the 14 sound stages covering over 20,000 sq ft.
The creation of Sky Studios Elstree will provide significant capacity for Sky Studios to produce more original content in-house, while continuing to work with independent production companies across Europe.
The new studio space will also 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.
Sky Studios Elstree will work in close collaboration with Elstree Studios although the businesses will be managed independently.
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.
“Our investment in Sky Studios Elstree will enable us to bring more unique stories to more viewers.”
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 2 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, NBC Universal 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.”
Roger Morris, managing director, Elstree, said: “Sky Studios Elstree will be of immense importance to the UK Film and Television industry.”