Media investment firm Great Point has struck a deal to takeover the running of the former Pinewood Wales Studios complex in Cardiff with an option to acquire and expand the facility.
Pinewood last year announced it was pulling its management agreement with the Welsh Government, the owner of the studios, with effect from March, 2020.
The Welsh Government acquired the site in 2015 and with its fitout, invested nearly £10m.
The studios, which has four stages totalling 74,000 sq ft, have now been rebranded Seren Stiwdios.
Great Point has struck a deal with the Welsh Government to manage the complex for 10 years, but is expected to exercise an option to acquire the site next year.
The Welsh Government has not disclosed the value of the management contract with Great Point and the value of any acquisition.
In addition to updating the existing studio space, Great Point plan to create a further 150,000 sq ft of stages, offices and backlots as well as a range of integrated services including equipment rental, catering, cleaning and security.
The agreement, which came into effect this week, follows Great Point’s recent announcement of building the Lionsgate Studios in Yonkers, New Year as well as a second studio complex in Buffalo, New York.
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Its third studio investment in Cardiff is part of its strategy of having a presence in cities where pressure on existing studio space is ever-increasing.
Film and TV productions which have been shot at Seren Stiwdios include The Huntsman, Winter’s War, Sherlock, Show Dogs, The State, A Discovery of Witches, The Crown and Doctor Who.
Bad Wolf is understood to have spent £1m upgrading Seren Stiwdios for its filming of a Discovery of Witches.
Great Point is run by Jim Reeve and Robert Halmi.
In addition to creating local jobs, Great Point expects to attract a new wave of productions to Wales.
Its London based co-founder Mr Reeve said: “The Seren Stiwdios complex has a rich history and offers the finest production facilities in the region."
Chairman of Great Point, Mr Halmi, said of the studios: "We are thrilled to explore its possibilities. Cardiff and the surrounding countryside offer beautiful, varied and compelling settings for location filming.”
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Welsh Government Deputy Minister for Culture, Sport and Tourism, Lord Elis-Thomas, said: “We are delighted to welcome Great Point to Wales with the establishment of their first studio complex in the 海角视频 as they bring with them access to a global network of industry contacts and exciting opportunities.
"Great Point’s approach to supporting and developing the local supply chain along with their commitment to education and mentoring will further enhance the creative sector in Wales.
"Great Point Seren Stiwdios will enhance Wales’ reputation as a preferred location for productions and further improve career and employment opportunities.”