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(Reuters) – Warner Bros. Discovery said on Tuesday it would spend at least $8. 5 billion to produce video and television at a new studio in Las Vegas, Nevada, if the state grants promised tax incentives.
The media is partnering with the University of Nevada Las Vegas and family-owned real estate firm Birtcher Development to lease and operate a production facility to be called “Warner Bros. Nevada Studios. “
The facility will be located on a proposed 34-acre campus at UNLV’s Harry Reid Research and Technology Park in Las Vegas and will feature full-service film and television studios and other facilities.
The new partnership depends on the final results of a proposal introduced by State Senator Roberta Lange in the 2023 legislative session.
These monetary incentives are for Hollywood studios as they struggle with emerging production costs, further exacerbated by customer cord-cutting and dwindling advertising dollars.
Warner Bros. Discovery wrote down the value of its TV assets by about $9. 1 billion earlier this month, reflecting a decline in TV viewership and advertising revenue.
(Reporting via Jaspreet Singh in Bengaluru; editing via Mohammed Safi Shamsi)