Fox Corporation Unveils FOX FUTURE Studio Lot Project 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, NY and Los Angeles, CA - March 16, 2023 - 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 solu
