Warner Bros. Discovery announced Tuesday that it is committing to cutting at least $8. 5 billion in production expenses from a proposed long-term lease for a studio in Nevada.
The media company announced plans to partner with the University of Nevada, Las Vegas (UNLV) and Birtcher Development to take over Nevada Studios and establish a 34-acre film center at UNLV’s Harry Reid Research and Technology Park. The plan hinges on the passage of a film tax credit program proposed by Nevada State Sen. Roberta Lange, which will be voted on in February 2025.
“When we reach out to citizens, we continually hear that we want to further diversify our Southern Nevada economy while also dedicating the resources needed to expand our workforce,” Lange said in a statement. “That is to say that having a primary spouse with the intensity of Warner Bros. and their ability to keep studies complete from day one is a key differentiator and allows us to effectively address any of those priorities. “
Gary Horwitz, Peter Hajimihalis and Will Poulsen of JLL (JLL) represented Warner Bros. as part of the deal. Spokespeople for JLL, Warner Bros. , UNLV and Birtcher did not respond to requests for further comment.
The specific main points of the proposed lease were unclear, however, a source with knowledge of the deal told Commercial Observer that the studios would provide more of the soundstage and filming locations for Warner Bros.
Under the plan, Nevada Studios would be renamed Warner Bros. Studios Nevada and would have full-service film and television studios and facilities, the company said. The proposed generation and media lab in Nevada would also provide opportunities for the university’s film department.
“Warner Bros. Studios Nevada represents a wonderful opportunity to further expand our amenities to accommodate those productions and many more in the future,” Warner Bros. Chief Operating Officer Simon Robinson said in a statement. “We are fully committed and excited about the prospect of a long-term partnership and presence in Nevada and are confident that it will be beneficial to the state of Nevada, the Las Vegas community and [Warner Bros. ] in the future. storytelling.
Isabelle Durso can be reached at idurso@commercialobserver. com.
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