Cinespace Studios Expands with Acquisition of EUE/Screen Gems’ Atlanta and North Carolina Campuses.
In a strategic move to broaden its range of studio offerings and cater to productions of various scales within a global network, Cinespace Studios has announced its acquisition of two EUE/Screen Gems campuses located in Atlanta and Wilmington, North Carolina.
The newly acquired facilities will be rebranded as Cinespace Atlanta, renowned as the production hub for Netflix's acclaimed series, "Stranger Things," and Cinespace Wilmington.
While specific financial details of the transaction remain undisclosed, Ashley Rice, President and co-managing Partner of Cinespace Studios, expressed enthusiasm about the expansion, stating, "We're excited to announce our expansion into Atlanta and Wilmington. Through strategically acquiring these well-regarded studio facilities, we're expanding our footprint in the industry and commitment to supporting every type of creative need."
The Atlanta studio boasts an expansive total square footage of 360,000 dedicated to production across 13 state-of-the-art sound stages. Notably, it recently underwent an expansion, introducing new office spaces, supplementary support areas, and three additional sound steps, each spanning over 21,000 square feet.
Meanwhile, the Wilmington campus encompasses ten sound stages, offering a combined shooting space of 152,000 square feet, complemented by construction mills and office facilities. Positioned near both a picturesque coastline and serene rural landscapes, this location has played host to a multitude of prominent productions, including Marvel Studios' "Iron Man 3," Amazon Studios' "The Summer I Turned Pretty," and Showtime's "George & Tammy."
The studio construction and acquisitions surge has directly responded to the emergence of streaming platforms, which have generated an unprecedented demand for top-tier production facilities. This trend has resulted in a flurry of transactions within the industry in recent years. In 2021, TPG Real Estate Partners acquired Cinespace Studios' studio campuses in Chicago and Toronto.
Eoin Egan, COO and co-managing Partner of Cinespace Studios, praised the Cooney family, who acquired the assets of EUE/Screen Gems from Coca-Cola in 1983 for their successful stewardship of Atlanta and Wilmington studios. Egan affirmed, "We're looking forward to welcoming both studio operations teams into Cinespace and will continue to offer a best-in-class service to production."
Furthermore, Chris Cooney, CEO of EUE/Screen Gems, lauded Cinespace Studios' expertise and expressed confidence in their ability to propel the legacy they've cultivated to new heights. Cooney stated, "Their industry expertise, outstanding team, and commitment to the local communities where they operate sets the stage for a successful future."