Studio Babelsberg to join forces with Cinespace Studios
Yesterday, Studio Babelsberg AG and Cinespace Studios announced the future integration of the two companies with new dominion agreement. Officially able to operate as part of the Cinespace network, the two companies will be able to take advantage of the respective connections and resources, as well as promote greater cooperation between the two.
“The domination agreement is a milestone in the integration of Studio Babelsberg into Cinespace Studio’s global production platform,” commented Ashley Rice, president & co-managing partner at Cinespace Studios. “We respect and value the heritage of the studio and the production site in Babelsberg. Our goal is to coordinate business activities of both companies under one umbrella to sustain the studio’s future both locally and internationally to attract world-class feature film, streaming, and television production. We look forward to bundling our resources to help lead the company into its next phase of growth.”
Through the Commercial Register registration if the domination and profit and losee transfer agreement, the integration becomes effective, following its approval on 31 March 2023. With 86 active stages in Chicago, Toronto and Germany, Cinespace Studios is one of the largest operators of sound stage production facilities in the world. Along with Studio Babelsberg, whose more than 100 year presence has garnered it a solid reputation, Cinespace Studios will be able to tap into the European market through the leading facility in the region.
Andy Weltman, co-CEO at Studio Babelsberg AG added: “Cinespace shares Studio Babelsberg’s commitment to its employees and to producing films and series for the German and international market. While the ongoing strikes by the screenwriter and actor associations in the US have created significant challenges for the global entertainment industry, we’re looking positively to the future and believe the studio is positioned to succeed over the long term as part of the Cinespace network.”
Image courtesy of Studio Babelsberg
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