Bond Studios take on Hollywood[Monday, February 12th, 2001]
Pinewood Studios, famous for its James Bond movies is set to buy out Shepperton studios. The takeover should enable them to attract more big-budget film-makers to the UK. BBC News Online reports:
The enlarged business will have the same number of stages as its Hollywood contemporaries.
Michael Grade, executive chairman of the enlarged group, said: "The two studios have been competing for years against each other. In an increasingly global market, this makes no sense.
"Together, we can enhance Britain's share of the international movie making business."
The Scott brothers will remain active shareholders in the enlarged group and continue as co-chairmen.
Ridley Scott added that the UK was a "great place to make movies".
"This consolidation of our leading film assets is long overdue," he said. "Tony and I are committed to the growth and continued success of these historic studios."
The merger is being part-financed by the venture capital firm 3i, which has invested almost £12bn in more than 13,200 businesses and currently invests in around 3,000 companies.
Chris Graham, a director of 3i London, said they were "delighted" to be working with Ridley and Tony Scott.
"These studios are unique assets supported by a world class management team and 3i is proud to be associated with such an innovative deal," he added.
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