Pinewood buys rival Shepperton Studios
Scotts remain chairmen of enlarged group
Helmers Ridley and Tony Scott, part of the consortium that paid $17 million for Shepperton in 1995, continue as co-chairmen in the enlarged group, which is valued at more than $144 million.
Deal, under which the two studios will keep their names, was led by Pinewood chairman Michael Grade and partly financed by venture capital firm 3i, which will have a majority share in the group. Candover, the equity company that controlled Shepperton, has sold its stake.
The historic studios, both situated west of London, have become two of the principal bases in Europe for major Hollywood productions.
Grade headed the consortium that paid $89 million to acquire Pinewood from Rank in February 2000 (Daily Variety 23, 2000). Since then, the studio has hosted such blockbusters as "Tomb Raider" and "Spy Game."
As for Shepperton, more than $25 million has been invested in the studio over the past five years, and it has played host to the likes of "102 Dalmatians," "Shakespeare in Love" and "The Mummy Returns."
The merger's main practical benefit, according to Grade, is the chance to maximize production resources by pooling the capacity of both studios.
Could've conjured 'Potter'
Individually, Pinewood and Shepperton were too fully booked to house "Harry Potter," which is instead shooting at Leavesden in Hertfordshire.
"But between us, we could have accommodated it, because of that extra flexibility," Grade said.
Announced separately was the $34.5 million management buyout of Soho-based post-production house the Mill, which is 40% owned by Shepperton. The facility, which teamed with the Scott brothers Ridley and Tony Scott to set up film visual effects division Mill Film, has been purchased by its founders -- James Morris, Robin Shenfield and Pat Joseph.
