Warner Bros. Discovery on Tuesday announced plans to acquire and operate an $8. 5 billion movie studio in Nevada, subject to successful passage of a state tax credit.
The global media company said the commitment is a long-term collaboration with the University of Nevada, Las Vegas and Birtcher Development.
The 34-acre facility will be located at UNLV’s Harry Reid Research and Technology Park in southeast Las Vegas. It will feature full-service film and television studios and will be called “Warner Bros. Studio Nevada,” WBD said.
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Part of the planned partnership will come with the Nevada Media and Technology Lab, an educational institution that will give UNLV students the opportunity to learn about and work in the industry.
Warner’s commitment Bros. de about $500 million a year depends on the final results of a proposal first introduced by Nevada Sen. Roberta Lange in the 2023 legislative session.
Lange revealed plans for a major expansion of the Film Tax Credit program, with a proposed value of $190 million. Under his new proposal, that figure would be reduced to $95 million per year for 17 years.
“Warner Bros. Studios Nevada represents a wonderful opportunity to further expand our facility to accommodate those productions,” said Simon Robinson, chief operating officer of Warner Bros. Studios, in a press release. ” We are confident that this will be beneficial to the state of Nevada, the Las Vegas network and WBD as we look forward to our next hundred years of exceptional storytelling. ”
It’s not unusual for states and cities to offer similar subsidies, which is attractive to Hollywood studios suffering from a loss of productivity amid emerging production costs.
In May, the Dallas City Council unanimously approved a request for designation as a “media production and development zone,” which would let the city offer sales and tax exemptions for projects involving media production.
The National Conference of State Legislatures reported that at least 18 states have approved measures to implement or expand film tax incentives starting in 2021.
Jack Reid holds a bachelor’s degree in journalism from USC Annenberg and delights in reporting, producing, and writing for Annenberg Media. He also served as a video editor, showrunner, and live host during his time in the field.
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