The Pinewood Group — of the UK’s storied Pinewood and Shepperton Studios — said today it’s assumed full ownership of the Toronto production facility that also bears the Pinewood name. It’s been providing sales and marketing services to the state-of-the-art, purpose-built film and TV studio since 2009.
Financial terms weren’t disclosed.
The news comes as Pinewood Toronto completes its most recent expansion, adding a further 170,000 square feet of production space including five soundstages. It’s now the largest film and TV studio in Ontario with 490,000 square feet of production space and 16 purpose-built soundstages.
Pinewood Group chairman Paul Golding said the new parent has “worked with our partners for many years to create the City’s pre-eminent studio, and we’re now delighted to have bought it. We will continue to invest in the studio and the surrounding Port Lands to ensure Pinewood Toronto Studios remains the number one destination for both domestic and international productions. We intend to work closely with the city to support Toronto’s thriving film and TV industry and all those who work in it.”
“Film and television production in Toronto has seen massive growth,” said Toronto Film Commissioner Marguerite Piggott. “The acquisition by Pinewood Group is an exciting demonstration of Toronto’s global appeal and a strong indicator of continued robust growth well into the future. We are thrilled to welcome them.”
Vic Gupta, CEO of CreateTO, a new agency established by the city to develop its real estate assets, said Pinewood has agreed to the creation of a city building fund with a (undisclosed) significant investment, “which will further support the development of the sector in the Port Lands, an important hub for the media production industry.”
The Port Lands is an industrial and recreational area on the port near downtown Toronto.
Paul Bronfman, Pinewood Toronto’s founding shareholder, and chairman since 2009, said in a statement: “I am thrilled that Paul Golding and his team at Pinewood Group are acquiring our studio. As the Chairman of Pinewood Toronto Studios since 2009, I am excited and look forward to this new opportunity for the City of Toronto.”