Go Media Productions invests $150 million into Georgia’s film industry.
Georgia’s film industry is booming. With over 30 TV shows and movies filming at one time across the state, thousands of people are finding jobs and working in the entertainment industry.
Now, a $150 million investment is focused on boosting the state’s film industry. According to a new report by the Atlanta Business Chronicle, Georgia’s billion-dollar film industry is thriving but losing a lot of post-production work to companies located in Hollywood.
The founders of a new media company, Go Media Productions, are investing $150 million into Georgia’s film industry, which will keep those key post-production jobs such as film-editing, special effects, and sound design from leaving the Peach State.
“Until we’re able to secure post-production we will always be susceptible to Hollywood deciding they could leave,” Overstreet told Atlanta Business Chronicle. “We indirectly assure that the $150 million is spent in Georgia, on business in Georgia, and with Georgia firms.”
This news comes after Pinewood Group announced their exit from Georgia’s film industry. Earlier this month, Pinewood Group revealed they sold its equity in Pinewood Atlanta Studios, the second-largest film and TV production hub in the United States to their joint venture partner in the facility.
According to Deadline, the joint venture was set up in 2013 between Pinewood and River’s Rock, an independently managed trust of the Cathy family.
Pinewood will continue to provide sales and marketing for the studios for a period of up to 18 months during that period of time operation will remain branded and operated as a Pinewood facility.
The partners say the deal will not have an impact on productions filming at the studios.
Pinewood Atlanta Studios is a 700-acre facility with 18 sound stages ranging from 15,000 to 40,000 square feet and a backlot of 400 acres. Several major motion pictures have filmed there, taking advantage of the production resources and Georgia’s film tax credit. Such movies include Avengers: Endgame, Spider-Man: Homecoming, Captain America: Civil War and Avengers: Infinity War.
President of the facility, Frank Patterson, will continue to lead the studio. According to Pinewood, the decision to part ways comes as Patterson started investing in content companies, while the Pinewood Group is focusing on studios.