DTI CLEAR WAY FOR MAJOR UK STUDIO MERGER

THE DEPARTMENT of Trade and Industry have cleared the way for a possible merger of the Pinewood and Shepperton studios.
Former Head of Channel 4, Grade became Chairman of Pinewood in February after buying the operation from Rank, for £62 million.
Should the merger of the two studios go ahead, the combined operation would be worth about £120 million.
Sources close to Michael Grade confirmed that discussions with Ridley and Tony Scott on running a UK superstudio facility were ongoing. However both Pinewood and Shepperton studios declined to comment.
Pinewood is expected to absorb the special effects facility, ‘The Mill’, with the Scotts taking senior positions in the new operation.
Despite a joint operation, Pinewood and Shepperton studios would maintain a separate brand identity.
Grade said the deal would help the UK face growing competition for large-scale productions from studio facilities in Australia, the Czech Republic, Spain and Canada.