LONDON (Brand Republic) - Two UK film studios, Pinewood and Shepperton, are to merge to create the largest film and television studios in Europe and a global rival to Hollywood.
Pinewood has bought its long-term rival Shepperton, owned by film directors Tony and Ridley Scott, for £35m. Since the Scott brothers and their partner, venture capital firm Candover, bought Shepperton for £12m five years ago, the studio has seen a dramatic turnaround in its fortunes, with box-office hits such as Shakespeare in Love, Notting Hill and 102 Dalmatians all being filmed there.
Former Channel 4 boss Michael Grade is leading the takeover and will co-chair the new company with the Scott brothers. Grade also headed the management team that bought Pinewood, maker of the Bond films, from Rank for £62m early last year.
Venture capitalist 3i, which backs Pinewood, is part-financing the deal. It is believed to have invested around £30m to take its holding in the enlarged venture above 60%.