FOX CORPORATION UNVEILS "FOX FUTURE" STUDIO LOT PROJECT

Rhea-AI Summary

Fox Corporation has announced the FOX FUTURE Studio Lot Project, aimed at generating an expected $1.5 billion in local economic impact. This initiative will introduce nine new sound stages and modern production facilities in Century City, Los Angeles. The project is designed to meet the growing demand for film and television production and to preserve the iconic legacy of the studio lot established nearly 100 years ago.

Additionally, it aims to create $9 million in annual revenue for local public services and to maintain thousands of jobs, while incorporating sustainability measures such as LEED-Platinum buildings.

Positive

• Projected $1.5 billion in economic impact for Los Angeles.
• Anticipated $9 million annually in revenue for public services.
• Creation of nine new sound stages, increasing total to 24.
• Investment in state-of-the-art production facilities and offices.
• Job preservation and creation in Southern California.
• Commitment to sustainability with new LEED-Platinum buildings.

Negative

• None.

Generating an Expected $1.5 Billion in Direct Local Economic Impact, the FOX FUTURE Studio Lot Project Proposes Nine New Sound Stages, Modern Production Facilities and Premium Commercial Office Space while Honoring the Legacy of the Iconic Property

NEW YORK and LOS ANGELES, March 16, 2023 /PRNewswire/ -- Nearly 100 years since filming began on the FOX Studio Lot, Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") has announced the creation of the FOX FUTURE Studio Lot Project, which seeks to build the studio of the future amid the continued evolution of Century City.

Born out of the FOX studio backlot, Century City was designed in 1957 to be the intersection of creativity, business, and entertainment production in Los Angeles, and FOX FUTURE expands on that legacy.

Given the rapid growth in entertainment production volume over the last decade and the company's long-term strategy, FOX has thoughtfully planned and prepared a forward looking and flexible investment to secure the future of this economically important and iconic studio property and ensure that Los Angeles remains the capital of the global entertainment industry.

"The FOX Studio Lot is one of the most iconic and treasured production locations in the history of entertainment and is a rich part of our history," said Lachlan Murdoch, Executive Chair and CEO, Fox Corporation. "The FOX FUTURE project represents a long-term commitment to our industry, to our community, and to the City of Los Angeles."

FOX FUTURE represents a historic investment in support of both the entertainment industry and Los Angeles' Century City business community that will:

• Build new multi-media sound stages as well as post-production facilities, basecamps, and media campus offices to respond to changing technologies and increased demand in film and television production.
• Create an opportunity for much sought after top-of-class general office space in Century City with a new LEED-Platinum office building along Avenue of the Stars.
• Honor the significant legacy of this historic property.
• Maintain thousands of existing jobs by helping to curb runaway production and create new jobs throughout Southern California.
• Generate approximately $9 million in direct annual revenue to the City of Los Angeles that will help fund public services such as libraries, parks, police and fire services.
• Provide over $20 million in anticipated Transportation Improvement and Mitigation Fees which focus on West Los Angeles specific improvements.
• Advance sustainability efforts on the FOX Studio Lot with two new LEED-Platinum office buildings and other sustainability measures.
• Invest in West Los Angeles transit solutions and further support the much-anticipated Metro D-Line when it opens to Century City in 2025.

NEW & MODERN PRODUCTION INFRASTRUCTURE

Through the productions that have been brought to life on the FOX Studio Lot, families witnessed a Miracle on 34th Street, the world fell in love with the Sound of Music, the fourth major American broadcast network was launched, live sports broadcasting was revolutionized, and FOX viewers gained an insatiably mischievous kid brother named Bart Simpson. However, motion picture and television production has fundamentally changed with innovative new technologies introduced every day as the entertainment industry continues to evolve. More so, Los Angeles continues to struggle to meet the demand for sound stages, which is increasingly driving production and entertainment jobs outside the region.

With FOX FUTURE, FOX will add nine net new sound stages to the Lot, bringing the number of stages to 24. Additional stages—equipped with state-of-the-art technologies and designed for modern film, television and content creation—will help meet entertainment industry demand and keep jobs in Los Angeles.

Additionally, the project will create a LEED-Platinum designed media campus office building to support FOX Studio Lot operations. Located on the Lot along Olympic Boulevard, the 24-floor building will focus on creating collaborative open spaces and shared and private offices, all designed specifically for film and television production.

AVENUE OF THE STARS BUILDING

Century City is one of the world's most prestigious business districts, and home to global corporations, entertainment giants, and emerging entrepreneurs within steps of premium retail, dining, hotels, and ever improving public transit. In Century City today, particularly along Avenue of the Stars, there are few opportunities for new construction and office occupancy rates remain the among highest in Los Angeles.

With FOX FUTURE, FOX could seek a development partner to transform the northeast portion of the Lot along Avenue of the Stars into a world class, state-of-the-art building with 35 floors of office above seven floors of parking. Designed to meet LEED-Platinum standards, it would further activate the Avenue with its new public plaza and provide convenient access to the much-anticipated Metro D-line and allow for both direct connection to the Lot and entirely independent office space. Demonstrating a significant investment in the City's future, the proposed office building would be designed to attract a notable corporate presence and provide a new headquartering opportunity in Century City.

ECONOMIC IMPACT

FOX FUTURE is expected to be a major economic driver for the City of Los Angeles, responsible for an expected $1.5 billion in economic impact throughout Los Angeles County and will generate approximately $9 million annually in tax dollars that can be used to fund public services such as schools, libraries and emergency response services, underscoring FOX's commitment to the community.

TRANSIT INVESTMENT

FOX FUTURE is a transit-focused project focused on investing in transportation solutions and mitigating the impact of development. It will activate the new D-Line's ridership potential while also enhancing connectivity for pedestrians and multi-modal travelers and implementing various strategies to reduce vehicle miles traveled. The program will be consistent with the City of Los Angeles and Los Angeles Department of Transportation policies and procedures, including localized transportation-related goals detailed in The West Los Angeles Transportation Improvement and Mitigation Specific Plan.

SUSTAINABLE DEVELOPMENT

As part of Fox Corporation, the FOX Studio Lot has a strong commitment to sustainability. Today on the Lot, FOX continues to take steps to reduce carbon emissions, pursue clean energy and responsibly dispose of waste. With FOX FUTURE, FOX will further these efforts by using green and recycled building materials, expanding solar infrastructure, installing green walls, reducing water consumption, and designing both the media campus office and Avenue of the Stars general office buildings to achieve LEED-Platinum standards.

PRESERVING THE LEGACY

The FOX Studio Lot has played an important role in the history of film and television and that impact will be honored as part of the project. Even today and independent of FOX FUTURE, FOX is securing the legacy of the Lot with the upgrade of New York Street, the seismic retrofit of identified buildings and the renovation and reinvention of the FOX Sports Studio A, incorporating cutting-edge graphics technology.

With FOX FUTURE, FOX will continue to preserve the legacy of this important filming location with an updated Historic Preservation Plan that painstakingly relocates key buildings on the Lot and ensures the architectural character of this site is honored. 

Additional details about FOX FUTURE as well as images, maps, project updates and more are available at www.FOXFUTURE.com.

ABOUT FOX CORPORATION

Fox Corporation produces and distributes compelling news, sports, and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations, and leading AVOD service Tubi. These brands hold cultural significance with consumers and commercial importance for distributors and advertisers. The breadth and depth of our footprint allows us to deliver content that engages and informs audiences, develop deeper consumer relationships, and create more compelling product offerings. FOX maintains an impressive track record of news, sports, and entertainment industry success that shapes our strategy to capitalize on existing strengths and invest in new initiatives. For more information about Fox Corporation, please visit www.FoxCorporation.com.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify these forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements, are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. More detailed information is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q.

Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company's expectations, except as required by law.

 

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SOURCE Fox Corporation

FAQ

What is the FOX FUTURE Studio Lot Project?

The FOX FUTURE Studio Lot Project is an initiative by Fox Corporation to enhance its production capabilities by adding nine new sound stages and modern facilities, aiming for a $1.5 billion economic impact in Los Angeles.

How much economic impact is expected from the FOX FUTURE project?

The FOX FUTURE project is expected to generate approximately $1.5 billion in direct local economic impact.

What revenue will the FOX FUTURE project generate for Los Angeles?

The project is anticipated to create around $9 million annually in revenue for the city, which can be used for public services.

How many sound stages will the FOX FUTURE project add?

The FOX FUTURE project will add nine new sound stages, bringing the total number to 24.

What sustainability measures are included in the FOX FUTURE project?

The FOX FUTURE project will feature new LEED-Platinum office buildings and other sustainability initiatives aimed at reducing carbon emissions and promoting clean energy.