Business
FOX CORPORATION UNVEILS "FOX FUTURE" STUDIO LOT PROJECT
Generating an Expected $1.5 Billion in Direct Local Economic Impact, the FOX FUTURE Studio Lot Project Proposes Nine New Sound Stages, Modern Production
About this update from Fox Corporation
[{"type":"text","content":"Generating an Expected $1.5 Billion in Direct Local Economic Impact, the FOX FUTURE Studio Lot Project Proposes Nine New Sound Stages, Modern Production Facilities and Premium Commercial Office Space while Honoring the Legacy of the Iconic Property\nNEW YORK and LOS ANGELES, March 16, 2023 /PRNewswire/ -- Nearly 100 years since filming began on the FOX Studio Lot, Fox Corporation (Nasdaq: FOXA, FOX; \"FOX\" or the \"Company\") has announced the creation of the FOX FUTURE Studio Lot Project, which seeks to build the studio of the future amid the continued evolution of Century City.\nBorn out of the FOX studio backlot, Century City was designed in 1957 to be the intersection of creativity, business, and entertainment production in Los Angeles, and FOX FUTURE expands on that legacy.\nGiven the rapid growth in entertainment production volume over the last decade and the company's long-term strategy, FOX has thoughtfully planned and prepared a forward looking and flexible investment to secure the future of this economically important and iconic studio property and ensure that Los Angeles remains the capital of the global entertainment industry.\n\"The FOX Studio Lot is one of the most iconic and treasured production locations in the history of entertainment and is a rich part of our history,\" said Lachlan Murdoch, Executive Chair and CEO, Fox Corporation. \"The FOX FUTURE project represents a long-term commitment to our industry, to our community, and to the City of Los Angeles.\"\nFOX FUTURE represents a historic investment in support of both the entertainment industry and Los Angeles' Century City business community that will:\nBuild new multi-media sound stages as well as post-production facilities, basecamps, and media campus offices to respond to changing technologies and increased demand in film and television production.Create an opportunity for much sought after top-of-class general office space in Century City with a new LEED-Platinum office building along Avenue of the Stars.Honor the significant legacy of this historic property.Maintain thousands of existing jobs by helping to curb runaway production and create new jobs throughout Southern California.Generate approximately $9 million in direct annual revenue to the City of Los Angeles that will help fund public services such as libraries, parks, police and fire services.P...