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Organising the Soundstage
Non-public-equity agency Silver Lake is investing $500 million into the creation of soundstages — venues the place movie and TV content material is created. The funding will assist Shadowbox Studios develop its actual property holdings. It’s a production-facility firm that maintains services in Los Angeles, London, and Atlanta. Disney (DIS) and Sony Photos Leisure (SONY) have shot huge finances footage on the corporate’s soundstages.
Shadowbox was beforehand generally known as Blackhall Studios. It launched in Atlanta in 2017 after which expanded to the UK. This fundraising spherical, led by Silver Lake, totals $1.5 billion.
House Crunch
Movie and TV producers say one of the crucial aggressive elements of the trade at current is the necessity for bodily area. Leisure corporations are targeted on churning out new content material in a bid to maintain subscribers, and soundstage provide has not stored up with that demand. By investing in Shadowbox, Silver Lake is betting on the continued demand for content material from corporations like Netflix (NFLX), Apple (AAPL), and Disney, amongst others.
Different personal fairness companies have made comparable investments, akin to Blackstone Group (BX) and Bain Capital. In June 2020, Blackstone took a 49% stake in a three way partnership that owns movie studios and workplace buildings in Hollywood, California. The deal was valued at $1.65 billion on the time.
Greetings from Y’allywood
Shadowbox could have 68 soundstages in whole when this newest growth is full. Near half will likely be situated in Atlanta, Georgia, which has change into related to movie and TV manufacturing because of the state’s tax-incentive program. That earned the town the “Y’allywood” nickname.
It additionally speaks to the geographical growth of the trade that’s collectively known as “Hollywood.” In states akin to Illinois and Oklahoma, older places like deserted malls and vacant workplace buildings are being transformed into soundstages. It goes to point out there’s no enterprise like present enterprise, as long as you’ve an area the place you possibly can work.
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