Pinewood firms secure deal to support struggling Toronto film studio

An eminent British film studio responsible for blockbusters such as James Bond, Batman and Mamma Mia! now controls the fate of Toronto's struggling, state-of-the-art, monster studio operations in the port lands - reports The National Post.

Pinewood Shepperton PLC announced yesterday that it is taking charge of sales and marketing for the Pinewood Toronto Studios — formerly known as Filmport Studios — and could have a new production working on the grounds as early as next week.

Also, new investors, including the city of Toronto, have stepped up to try to energize the massive production facility (pictured above), which has been described by a board member as a "financial bloodbath" since its opening last year. It sat empty for months after its debut and has yet to rent out its 45,000 square-foot mega-stage -- the largest of its kind in North America.

"[We will] use the experience that we've gathered over 75 years and work with the management team and the skills that are available in the Toronto market, to bring as much production in film and television as we can to Toronto," Ivan Dunleavy, chief executive of Pinewood Shepperton PLC, said in a news conference.

The company operates Pinewood Studios, Shepperton Studios and Teddington Studios, where movies such as The Bourne Ultimatum, Prince of Persia and Lara Croft Tomb Raider were filmed.

"This is a long-term initiative and will be part of the overall goals for the regeneration of the port lands....We are putting our name to the studios, which will give you a measure to how committed we are to that success."

The studio has suffered in Toronto's ailing film market.

"The studio has been a financial fiasco since it opened," Paul Bronfman, the chairman of the board of Pinewood Toronto Studios, said. The studio is "millions in the red," but he said he is confident that the studio will turn around.

"We're all going into this with the belief that notwithstanding the ups and the downs and the cyclical nature of this industry, that this is a business that we can make work over time," Edith Myers, managing director of Pinewood Toronto Studios, told reporters.

Sam Reisman, the CEO of Rose Corp. and Filmport's founder, has off-loaded his 80% ownership; Comweb Corporation retains its 20% share and the rest is split between ROI Capital, Castlepoint Realty Partners and the City of Toronto Economic Development Corporation.

City council raised the ire of local film studios in April when it approved a loan for the purchase of a 20% stake in the Pinewood studio.

The money, "millions and millions" according to councillors, will come out of the city's land acquisition reserve fund.

At the time, Mr. Miller said that the new arrangements would be temporary and would work to mitigate Toronto's risk by giving the city a stronger say in the studio's operations.

SteveMirkopoulos, president of Cinespace Film Studios, said he welcomes competition but greeted yesterday's announcement with concern.

"How is any studio supposed to compete when Filmport has had its operating expenses cut through taxpayer subsidies?" He said in a statement.

"The Toronto film business has so much to offer and Cinespace is baffled about why the city is trying to drive Canadian companies out of business."

During yesterday's press conference, Mr. Dunleavy extended an olive branch to his local competitors.

"We are pleased whenever we see production in the Toronto market because I think it adds to the collective reputation. We will of course be supportive of any productions entering the Toronto market."

When operating at full capacity, the Pinewood studio could create about 1,000 jobs and generate $50-million worth of economic spinoffs.

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