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The
project, announced during a visit to Los Angeles by British
Finance Minister Jeremy Hunt, is expected to create some 4,000
direct and indirect jobs, the company said in a statement.
Hunt told Reuters in a telephone interview that the investment
would total 245 million pounds ($301 million).
Warner Bros said it would increase the value of Leavesden's
annual film and television production by 200 million pounds
($245.9 million), bringing it to 600 million pounds ($737.6
million a year, Warner Bros Discovery said.
The investment comes as Warner Bros Discovery's California
production has been hit with the first joint writers' and
actors' strikes in 63 years, delaying major projects and
prompting it to slash revenue forecasts for the rest of this
year.
The Leavesden project's construction is due to start in the
second quarter of 2024, with completion in 2027 and will bring
the facility's total stages to 29 from 19 currently.
Hunt said the Leavesden project "is a huge vote of confidence in
the UK" and will benefit from longstanding British tax breaks
for local film and television production.
"The UK ambition is to be the world's next Silicon Valley, and
we think we're already Europe's technology and entertainment
hub. And this is another step towards that," he said.
(Reporting by David LawderEditing by Chris Reese and Michael
Perry)
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