Posted: Sun., Apr. 3, 2005, 12:15pm PT

Pinewood steps in for Teddington

Deal includes share capital of Studio Broadcasting Co.

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LONDON -- Pinewood Shepperton has snapped up Teddington Studios for £2.6 million ($4.8 million).

Teddington, which hosted Ricky Gervais starrer "The Office," moved into the hands of administrators Numerica last week.

As part of the deal, Pinewood Shepperton, which owns the U.K.'s two largest studios, acquired the share capital of the Studio Broadcasting Co. for $188,000. (SBC has not traded to date, but owns assets crucial for the operation of Teddington.)

The acquisition plucks Teddington from the jaws of the administrators and saves the jobs of its 55 staffers.

Teddington's financial woes were sparked by the nonrenewal of contracts worth $4.65 million. Revenue for the year ending April 30, 2004, was $15.4 million, which includes the unrenewed contracts, with an operating loss of $16,740.

Teddington Studios, which lies west of London, was founded in 1912. Production accelerated in 1931 when Warners set up shop there. Since the '60s, it has been used primarily as a production base for TV.