Pinewood Feels Effect of the US Writers’ Strike
Film studio group Pinewood Shepperton yesterday said profits fell after it failed to make up for the loss of a blockbusting film shoot caused by the US writers’ strike.
Revenues for 2007 dipped by more than Pounds 3m to Pounds 37.4m, the firm said, in line with a warning made last November after the shoot was called off.
It is understood that the script for the film was unfinished, leaving the producers with no option but to halt production.
Buckinghamshire-based Pinewood, which is being used for the new James Bond movie, saw 2007 profits come in 11 per cent lower at Pounds 8.1m in the wake of the cancelled film.
Chairman Michael Grade, who is leading a diversification away from the core film business into TV production and property ventures, said the past year had been a challenging one.
“This volatility in film revenues can only be countered by growing our non-film revenues, in particular in television and property,” he added.
Recent television shows at Pinewood have included the Weakest Link and the IT Crowd.
Pinewood – whose Shepperton TV studios is hosting Sky One’s new Gladiators show – saw film revenues fall Pounds 3m during 2007 to Pounds 19.5m.
The group said as well as the impact of the US writers strike, film production investment in the UK fell 15 per cent last year. Pinewood said film revenues were showing “some modest improvement” this year.
As well as the new James Bond film, Universal Pictures’ The Wolfman — set to star Sir Anthony Hopkins and Benicio Del Toro – is also being shot on site.
Pinewood’s TV revenues rose marginally during the year to Pounds 12.1m from Pounds 11.8m, with the current level of television bookings indicating “stronger demand” compared to last year.
As part of the diversification strategy, the group also said it was pushing ahead with its ‘Project Pinewood’ development.
This would see around 105 acres of land next to the film studio site turned into a ‘live-work’ community featuring residential units as well as film and TV sets – creating another 500 jobs at the Pinewood complex on top of the 1,000 currently.
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