Warner to purchase, invest $160 mln in UK studios

LONDON, Nov 8 (BestGrowthStock) – Warner Bros. this week completes
its purchase of Leavesden Studios, northwest of London, and will
announce a 100 million pound ($160 million) expansion programme
to create one of the biggest filmmaking locations in Europe.

Warner Bros, part of Time Warner Inc (TWX.N: ), said the
purchase of the facility where all eight Harry Potter movies
were made would make it the only Hollywood studio to possess and
operate its own production facility in Britain.
Once complete, the expanded site would represent about a
third of the dedicated stage space for major film production in
Britain and be able to accommodate several Warner blockbusters
as well as third party film and television productions each
year.

Warner has used the studio facilities since 2000, including
to make the hugely successful eight-film Harry Potter films and
other hits including “The Dark Knight” and “Inception”.

Warner said its involvement at Leavesden translated into
thousands of jobs and had attracted nearly 1.9 billion pounds in
film production budgets, or almost 40 percent of Britain’s
inward investment in film production, over the last decade.

The announcement comes at a time when public film funding is
under threat as the government looks at ways to cut the
country’s debt.

The re-developed Warner Bros. Studios, Leavesden, will open
in mid 2012.
(Reporting by Mike Collett-White, editing by Paul Casciato)

Warner to purchase, invest $160 mln in UK studios