Pinewood Studios sells for over $400 million.
Pinewood Studios is the biggest and probably one of the most powerful movie studios in Atlanta, Georgia. After Pinewood Studios finished building their amazing studio outside of Atlanta, Disney and Marvel have filmed several feature films inside their legendary walls. Now, it looks as though Pinewood Studios has a new boss.
According to the AJC, Pinewood Studios has agreed to sell itself to an investment group. So what does this mean? Well, according to Deadline, Pinewood Studios will be taken over by a $4 billion investment firm, Venus Grafton.
From Deadline:
The news comes as Pinewood has enjoyed strong revenues for its production facilities, thanks to the likes of Star Wars: The Force Awakens and Spectre. The company has, however, long sought to leverage its bricks and mortar infrastructure to get more control of IP and upside in the actual content produced in its facilities.
It’s important to point out that Pinewood operates a studio complex, which is actually owned by Chick-fil-A CEO Dan Cathy and several other investors. And has helped launch the amazing Georgia Film Academy. In addition, Dan Cathy revealed that he plans on expanding the property by building Pinewood Forrest a $700 million project that will include homes, shops, restaurants, hotels and healthcare facilities in Fayetteville, Georgia.
According to Reuters, the value of the deal is worth more than $420 million.
How will this impact Georgia’s film industry? Well it all depends on Chick-fil-A CEO Dan Cathy and the investing group at Venus Grafton. Until then, Spider-Man: Homecoming is now casting in Atlanta.
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