ENTERTAINMENT

Pinewood, Others Nearing Control of Filmport

05/08/2009 05:12 am ET | Updated May 25, 2011

On Monday, Torontos city council voted 31-7 to approve a loan for the city to purchase minority ownership in the C$65 million ($52.5 million) state-of-the-art studio and partner with Pinewood. Terms of the closely guarded deal and the amount of the loan, purportedly worth millions, will be made public via the Toronto Economic Development Corp., which controls the lease on the land, once details are finalized. The arrangement, which will give Toronto a seat on the studios board, should boost the citys struggling film and TV industry. 2

A consortium led by Britain's Pinewood Studios Group has moved a step closer to taking control of Toronto studio facility Filmport. On Monday night, Toronto City Council voted 31-7 in favor of a restructuring plan that will see the city take a 20% stake in Filmport and secure a seat on its board of directors. Also taking stakes in Filmport are Pinewood's longtime local partner, Toronto real estate developer Castlepoint Development, and ROI Capital, a pension fund investor tied to Canadian actors union ACTRA. Pinewood is expected to manage Filmport as part of a five-year deal that includes the promotion of its seven sound stages in Los Angeles and London. 1

  1. Pinewood, Others Nearing Control of Filmport (Hollywood Reporter)
  2. Pinewood Eyes FilmPort Complex (Variety)

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