Pinewood Group has sold its equity in Pinewood Atlanta Studios to its joint venture partner in Atlanta. This move comes as Frank Patterson, President of the Studios in Atlanta, has started investing in content companies, while Pinewood Group continues to focus on studio infrastructure. Pinewood will provide sales and marketing support for the Studios in Atlanta for a period of up to 18 months. The Studios will remain branded and operated as a Pinewood facility during this time.
Paul Golding, Chairman of Pinewood Group Limited, said: “Pinewood is known across the world as a leading-provider of studio space and over the last six years, Pinewood Atlanta Studios has become the second largest purpose-built facility in the US. As our partners in Atlanta look to expand their focus and invest in content development, we have agreed to sell our equity in the Studios. Pinewood will continue to prioritise its core business of providing studio infrastructure, including extensive growth plans in the UK and expansion in key international markets.”
This announcement will have no impact on productions shooting at the Studios, which will continue to be led by Frank Patterson.
“The Pinewood Group has been a great partner, building the best facilities in the world for us in Atlanta,” said Frank Patterson, President of Pinewood Atlanta Studios. “I came on two years ago to build content opportunities at the same time the Pinewood Group changed ownership and decided to focus on providing studio accommodation. We’ve got some exciting investments in the pipeline on the content creation side of the business so this a truly great time for the industry in Atlanta. I would like to thank Pinewood Group for all they’ve done and how they have helped make Atlanta a world leader in film and digital production.”
This move is one in a series of business decisions made this year as part of Pinewood’s strategy to focus on the UK and other international markets. This includes Pinewood Group expanding its Shepperton Studios, a move that will see Shepperton become the second largest studio in the world. The modernisation and expansion of the iconic studios will include up to an additional 530,000 sq.ft of sound stage space.