Disney Announces $5bn Investment in Film and TV Production in UK and Europe
Entertainment giant Disney has revealed plans to invest $5bn (£3.9bn) in creating blockbuster films and TV shows in regions including the UK over the next five years.
The decision comes following the success of its recent release, superhero comedy Deadpool & Wolverine, which was filmed at Pinewood Studios in Buckinghamshire. Starring Hugh Jackman and Ryan Reynolds, the film has topped box offices worldwide and has made over £33m in the UK and Ireland alone, according to trade magazine Variety.
Jan Koeppen, Disney’s regional president, told the Financial Times that the popularity of the film demonstrates the genre “seems to have a lot of life left”. He added, “We feel like we’re really on a roll again with movies, which is fantastic. I’ve been positive about people going to the movies again, and especially enjoying our movies.”
In addition to investing in films, Disney will also allocate funds for TV shows on its streaming platform Disney+ and National Geographic network. A Disney spokesperson confirmed to Sky News that the planned investment of approximately $1bn (£0.8bn) a year will be focused on the EMA region (Europe, the Middle East, and Africa), with most of the money expected to be spent in the UK and mainland Europe.
Deadpool & Wolverine was filmed at multiple locations within Pinewood Studios, including six of its stages and production spaces such as the studio’s main boardroom. Disney reportedly already has four films either in production or scheduled to be made at the site, including Snow White, The Fantastic Four: First Steps, The Roses, and The Amateur starring Rami Malek.
The company, which holds a long-term lease at Pinewood, has invested around £3.5bn in productions in the UK over the past five years, including 29 films and 23 TV series, and claims to have supported over 32,000 jobs. It has also filmed several of its Star Wars productions in Britain, including the recent trilogy reboot and Andor spin-off TV show. The FT also reported that another film set in the sci-fi saga’s cinematic universe will be shot at Pinewood soon.
This investment news comes after Disney announced earlier this week that it had returned to profit following the success of its latest release Inside Out 2, which became the highest-grossing animated film of all time. The company was also boosted by Disney+ making a profit for the first time.
Executive reports revealed that the firm made $254m (£200m) in earnings before interest and tax from content sales and licensing during the quarter ending 29 June. However, Disney also experienced a decline in revenue at its US-based theme parks and warned of “moderations in demand” in the coming months.
Sky News will continue to provide updates on this story, including coverage of the meeting between the children of Post Office victims and Fujitsu bosses, the launch of an investigation into Amazon’s AI investment, and Deliveroo’s first-ever profit achievement.
