US broadcaster Sky to invest $3.9bn in British studio

US-owned broadcasting group Sky launched plans on Tuesday to develop a major new television and film studio in Elstree, north of London, in an area steeped in movie history.

The broadcaster said in a statement that Sky Studios Elstree will support over 2,000 jobs in the creative sector and will receive £3 billion ($3.9 billion, 3.5 billion euros) production investment over five years.

British-based Sky, formerly owned by media baron Rupert Murdoch but run by US cable giant Comcast since 2018, added that the facility would include 14 stages.

"Sky Studios Elstree will play a pivotal role in bringing the wealth of UK and European talent and creativity to the world," said Sky Chief Executive Jeremy Darroch.

"We know our customers love our award-winning Sky Originals like Chernobyl and our investment in Sky Studios Elstree will enable us to bring more unique stories to more viewers."