SKY plans to build a huge new studio near Elstree that will create up to 3000 jobs in the creative industries and many more locally.
The media and entertainment giant wants to capitalise on the success of UK-made shows such as Game of Thrones which have showcased British talent.
Sky, now owned by US-based Comcast, was behind Chernobyl, the acclaimed drama behind the 1980s nuclear meltdown in the Soviet Union.
To create more high quality content, the firm needs the new infrastructure including “reliable access to big sound stages” according to Sky Studios boss Gary Davey.
The 32-acre, state-of-the-art TV and film studio will have 14 stages and is expected to attract £3billion worth of production investment.
Due to open in 2022, it is located a mile from the existing Elstree film studios in Hertfordshire.
The jobs available – up to 3,000 if the studios are operating at full capacity – will range from tradesmen to directors.
Thousands more could be created or supported in the local supply chain.
As well as allowing Sky Studios to produce more original content in-house, the site will be used by other Comcast-owned firms including NBC Universal, and be open to third parties.
Sky plans to double the amount it spends on making its own content to £1 billion per year by 2024.
CEO Jeremy Darroch said: “Sky Studios Elstree will play a pivotal role in bringing the wealth of UK and European talent and creativity to the world.
“We know our customers love our award-winning Sky Originals like Chernobyl and our investment in Sky Studios Elstree will enable us to bring more unique stories to more viewers.”
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Legal & General, which specialises in investing pensions money in infrastructure projects, will develop its site and provide financing.
It will then lease the studios back to Sky.
L&G boss Nigel Wilson said the plans were “another development in the modernisation of British industry”.
He added: “The UK is a great place to invest. Growing at twice the speed of the economy as a whole and accounting for over two million jobs, our creative industries are a key component of Britain’s bright future.”
