On Thursday, Warner Bros Discovery announced its intention to increase the production capabilities at its Leavesden studios, located near London, by over 50%. This will involve the addition of 10 new sound stages to the facility, where popular films like “Barbie” and TV series such as HBO’s “House of the Dragon” were previously filmed.
During a trip to Los Angeles, British Finance Minister Jeremy Hunt revealed plans for a project that is estimated to generate 4,000 jobs, both directly and indirectly, according to a statement from the company.
During a phone conversation with Reuters, Hunt stated that the amount invested would be 245 million pounds, which is equivalent to $301 million.
Warner Bros announced that it will boost the annual film and television production value of Leavesden by 200 million pounds ($245.9 million). This will bring the total value to 600 million pounds ($737.6 million) per year, according to Warner Bros Discovery.
Warner Bros Discovery’s California production is facing a major setback with the first strike in 63 years from both writers and actors. This has caused significant delays in major projects and has led to a decrease in revenue forecasts for the remainder of the year.
The construction of the Leavesden project is scheduled to begin in the second quarter of 2024 and is expected to be completed in 2027. This will increase the total number of stages at the facility from 19 to 29.
According to Hunt, the Leavesden project is a significant show of trust in the UK and will take advantage of longstanding tax incentives for film and television production in the country.
He stated that the goal for the UK is to become the next Silicon Valley, and they believe that they are already the top technology and entertainment center in Europe. This is seen as a move towards achieving that goal.