Warner Bros plans to expand production capacity at its Leavesden studios near London by more than 50 per cent, becoming the home of DC Studios.
The move will add 10 new sound stages to the studios where much of the Barbie blockbuster and HBO's House of the Dragon were filmed.
The film company was also behind the Harry Potter film franchise and its fan tours are a significant tourist attraction.
The entertainment company said an additional 37,000 square metres of production and support space would be created.
The project is expected to create 4,000 “direct or indirect” jobs across Britain and grow Leavesdon's contribution to the UK economy by “more than £200 million”, Warner Bros Discovery said.
Ground breaking on the project is set to begin next year, with the expansion scheduled for completion in 2027.
Chancellor Jeremy Hunt described the investment in the site as a “huge vote of confidence in the UK”.
“The enormous strength of our creative industries sees films and television shows made in the UK reaching cinemas and front rooms across the world, including Barbie and the House Of The Dragon series,” he said.
“Warner Bros Discovery’s ambitious plan to grow its Leavesden studio is a huge vote of confidence in the UK – creating thousands of jobs and growing our economy – and means that British-made entertainment will continue to delight and entertain global audiences.
“The UK ambition is to be the world's next Silicon Valley, and we think we're already Europe's technology and entertainment hub. And this is another step towards that.”
Simon Robinson, chief operating officer of Warner Bros Discovery Studios said the studios were globally recognised for their exceptional sound stages and facilities.
“With this planned expansion adding significant capacity and capabilities, it will be home to even more incredible storytelling for both film and television projects,” he said.
“We are proud to not only be growing our productions in Leavesden and making it the main hub for DC Studios, but also to be growing our economic and community contributions to the UK’s creative sector.”
The investment comes as Warner Bros Discovery's California production has been hit with the first joint writers' and actors' strikes in 63 years, delaying major projects and prompting it to slash revenue forecasts for the rest of this year.
THE BIO: Martin Van Almsick
Hometown: Cologne, Germany
Family: Wife Hanan Ahmed and their three children, Marrah (23), Tibijan (19), Amon (13)
Favourite dessert: Umm Ali with dark camel milk chocolate flakes
Favourite hobby: Football
Breakfast routine: a tall glass of camel milk
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
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The Melbourne Mercer Global Pension Index
The Melbourne Mercer Global Pension Index
Mazen Abukhater, principal and actuary at global consultancy Mercer, Middle East, says the company’s Melbourne Mercer Global Pension Index - which benchmarks 34 pension schemes across the globe to assess their adequacy, sustainability and integrity - included Saudi Arabia for the first time this year to offer a glimpse into the region.
The index highlighted fundamental issues for all 34 countries, such as a rapid ageing population and a low growth / low interest environment putting pressure on expected returns. It also highlighted the increasing popularity around the world of defined contribution schemes.
“Average life expectancy has been increasing by about three years every 10 years. Someone born in 1947 is expected to live until 85 whereas someone born in 2007 is expected to live to 103,” Mr Abukhater told the Mena Pensions Conference.
“Are our systems equipped to handle these kind of life expectancies in the future? If so many people retire at 60, they are going to be in retirement for 43 years – so we need to adapt our retirement age to our changing life expectancy.”
Saudi Arabia came in the middle of Mercer’s ranking with a score of 58.9. The report said the country's index could be raised by improving the minimum level of support for the poorest aged individuals and increasing the labour force participation rate at older ages as life expectancies rise.
Mr Abukhater said the challenges of an ageing population, increased life expectancy and some individuals relying solely on their government for financial support in their retirement years will put the system under strain.
“To relieve that pressure, governments need to consider whether it is time to switch to a defined contribution scheme so that individuals can supplement their own future with the help of government support,” he said.
Sholto Byrnes on Myanmar politics
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Education: Masters of arts in cultural communication and tourism
Favourite movie: Captain Corelli’s Mandolin
Favourite hobbies: Art and horseback ridding
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