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British studio space giant Pinewood Group said Wednesday that it has sold its stake in Pinewood Atlanta Studios to its joint venture partner to focus on its core business.
A price tag for the stake wasn’t disclosed. Pinewood and River’s Rock, a trust of the Cathy family, set up the venture in 2013.
The company said that Frank Patterson, president of the studios in Atlanta, “has started investing in content companies, while Pinewood Group continues to focus on studio infrastructure.” It added that it would provide sales and marketing support for the Atlanta studios for up to 18 months. The studios will remain branded and operated as a Pinewood facility during this time.
“Pinewood is known across the world as a leading-provider of studio space and over the last six years, Pinewood Atlanta Studios has become the second-largest purpose-built facility in the U.S.,” said Paul Golding, chairman of Pinewood Group. “As our partners in Atlanta look to expand their focus and invest in content development, we have agreed to sell our equity in the studios. Pinewood will continue to prioritize its core business of providing studio infrastructure, including extensive growth plans in the U.K. and expansion in key international markets.”
The sale will have no impact on productions shooting at the Atlanta studios, which will continue to be led by Patterson, the companies said.
The Pinewood move is one in a series of business decisions this year as part of the firm’s strategy to focus on providing studio infrastructure in the U.K. and select other markets. Pinewood has committed to expanding its Shepperton Studios, recently signing a deal with Netflix to make it the streaming giant’s U.K. production hub.
“The Pinewood Group has been a great partner, building the best facilities in the world for us in Atlanta,” said Patterson. “I came on two years ago to build content opportunities at the same time the Pinewood Group changed ownership and decided to focus on providing studio accommodation. We’ve got some exciting investments in the pipeline on the content creation side of the business, so this a truly great time for the industry in Atlanta.”
He added: “I would like to thank Pinewood Group for all they’ve done and how they have helped make Atlanta a world leader in film and digital production.”
In the past year, Pinewood’s U.K. studios have been home to such productions as Rocketman, Bond 25, Fast & Furious Presents: Hobbs & Shaw, Dumbo and Mary Poppins Returns.
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