February 01, 2006

New Studio deal for Vancouver

Lionsgate Studios, formerly North Shore Studios, has been sold to Bosa Development Corp., builders of Mammoth Studios in Burnaby. Bosa owns shopping centres, warehouses and office buildings, and are know as excellent condominium developers, like Cameron Island in Nanaimo.

Peter Leitch, who currently heads Lionsgate Studios and is the Chair of the British Columbia Motion Picture Production Industry Association, will manage all of Bosa's studio operations. "I am very excited to be joining the Bosa organization," said Leitch. "By combining Lionsgate and Mammoth Studios, we will be able to cater to the entire spectrum of film and television production."

Together, Lionsgate Studios and Mammoth Studios contain more than 500,000 square feet of sound stages and production support space, creating the largest studio facilities in Canada, and will foster more than 1,500 jobs in B.C.

Bosa Development, is significantly increasing its commitment to the British Columbia film industry with the acquisition of Lionsgate Studios. "We are very committed to the film industry in British Columbia," said President of Bosa Development Corporation, Nat Bosa. "This is an industry that employs 35,000 people and injects $1 billion annually into the Provincial economy. We have a highly skilled workforce and a government that supports the industry. We are looking forward to helping the industry thrive and expand in the future."

The acquisition coincides with the provincial government's decision to extend film and TV tax credits and an imminent labour deal between the industry's technicians and producers.

The sale for $41.6M becomes effective March 15th, 2006.