Sky has revealed plans to create a leading European TV and film studio at Elstree – a move which will see the firm invest £3bn and create more than 2,000 new jobs.
Sky Studios Elstree will become a state-of-the-art production studio, featuring 14 stages and cutting-edge tech throughout.
The 32-acre North London site represents a significant UK investment for Sky’s new owners Comcast in partnership with sister company NBCUniversal.
Legal & General will develop its site and provide financing for the project.
Sky’s Group Chief Executive Jeremy Darroch said: “Sky Studios Elstree will play a pivotal role in bringing the wealth of UK and European talent and creativity to the world.
“We know our customers love our award-winning Sky Originals like Chernobyl and our investment in Sky Studios Elstree will enable us to bring more unique stories to more viewers.
“We are proud to be working with our colleagues at NBCUniversal and Comcast, and our partners Hertsmere Council and L&G to bring this project to life.
“Together we share a joint vision to create a world-leading production capability that will support the creation of thousands of jobs in the creative sector. We can’t wait to get started.”
The project will prove a significant boost to the UK’s creative sector. In excess of 2,000 jobs will result, while £3bn of production of investment is promised.
The studio – subject to planning consent – is expected to open in 2022, and will have the capacity to host the production of several films and TV shows simultaneously, with each of the 14 sound stages covering 20,000sqft.
The site will also include production offices, a set construction workshop, a screening cinema and industry-leading post-production facilities.
Roger Morris, Managing Director at Elstree, said: “Sky Studios Elstree will be of immense importance to the UK film and television industry – it will not only boost the local economy of Hertsmere and Hertfordshire, but will also have a major impact on the UK’s creative sector as a whole.
“We are extremely proud that Sky Studios Elstree has chosen to locate near us and we look forward to working closely with them.”
Sky says the creation of Sky Studios Elstree will provide a new home for Britain’s flourishing creative sector and much-needed space for Europe’s brightest talent.
It will enable Sky Studios to produce more original content in-house, while continuing to work with independent production companies across Europe.
The new studio space will also play host to major film productions from Universal Pictures, Focus Features and Working Title, and television series from NBCUniversal Content Studios.
Legal & General is in the process of finalising a detailed design of the scheme and expects to submit a detailed planning application early next year.
CEO of Legal & General Group Nigel Wilson said: “The UK is a great place to invest. Growing at twice the speed of the economy as a whole and accounting for over two million jobs, our creative industries are a key component of Britain’s bright future.
“Sky, NBCUniversal and Comcast are global leaders in entertainment which will bring the best out of the UK’s amazing pool of talent. L&G is thrilled to be playing a supporting role in this major production.”
Sky Studios Elstree will work in close collaboration with Elstree Studios despite both businesses being managed independently.