Cinespace Studios has acquired the soundstages and campuses belonging to EUE/Screen Gems Studios in Atlanta, Georgia and Wilmington, North Carolina.
Terms of the deal for the studios, which includes soundstages on which much of the the production of Netflix’s Stranger Things drama takes place, were not disclosed. But the strategic acquisition is part of Cinespace’s studio facility expansion internationally from its headquarters in Toronto, and will see the EUE/Screen Gems locations operate as Cinespace Atlanta and Cinespace Wilmington.
“We’re excited to announce our expansion into Atlanta and Wilmington. Through the strategic acquisition of these well-regarded studio facilities, we’re expanding our footprint in the industry and commitment to supporting every type of creative need,” Ashley Rice, president and co-managing partner at Cinespace Studios said in a statement.
In 2021, TPG Real Estate Partners purchased studio campuses in Toronto and Chicago belonging to Cinespace Studios, home to production of major films and TV series like Dick Wolf’s Chicago Fire, Chicago PD and Chicago Med, Netflix’s Umbrella Academy and MGM’s The Handmaid’s Tale.
TPG Real Estate Partners subsequently acquired a majority stake in Studio Babelsberg AG, the German film studio.
Hollywood studios and streamers have been attracted to shooting in Atlanta owing to Georgia’s 30 percent tax credit on production and postproduction services for films and TV shows, as well as access to expanding local gaming and animation facilities, all of which is within reach by air to New York City and Los Angeles.
The Atlanta studio has 360,000 square feet of production space across 13 sound stages, where Stranger Things currently shoots. The Wilmington production facility has 10 column-free and purpose-built sound stages totaling 152,000 square feet of shooting space.
The Wilmington studio has hosted production for Marvel Studios’ Iron Man 3, Amazon Studios’ The Summer I Turned Pretty, and Showtime’s George & Tammy.
“We believe that Cinespace Studios will carry forward the legacy we’ve crafted to new heights. Their industry expertise, combined with their outstanding team and commitment to the local communities where they operate sets the stage for a successful future,” Chris Cooney, CEO EUE/Screen Gems, whose family ran the facilities, said in his own statement.
Allen & Company LLC served as financial advisor to EUE Screen Gems.
