A new $620 million U.K. studio project backed by Fulwell Entertainment, the company behind “The Late Late Show With James Corden,” has lost a major investor.
According to the BBC, Cain International has pulled out of the Crown Works Studios project in the north of England. The BBC said in its report that the company declined to give a reason.
Announced last year, the studios are set to be built on the banks of Sunderland’s River Wear with the hope it will create thousands of jobs in the region. At the time of announcement, backers said it would bring about 8,000 jobs and cover 1.6 million square feet.
Local reports claim the U.K. government has put forward £25 million ($34 million) towards the project, with the local authority committing £120 million ($164 million). But that still leaves a large gap to fill.
“Fulwell Entertainment remains committed to working with the council to find appropriate private funding, complementing the combined NE Authority and wider government funding needed to make these world class production studios to reality,” Fulwell told Variety in a statement.
Fulwell recently merged with LeBron James’ SpringHill Company in February, uniting Fulwell partners Corden, Ben Winston, Leo Pearlman, Ben Turner and Gabe Turner with SpringHill’s James and Maverick Carter. Jesse Collins Entertainment is also under the umbrella company, called Fulwell Entertainment.
The company has offices in Los Angeles, New York, London and Sunderland in the U.K. It encompasses unscripted content, documentaries, live events, scripted TV and film, branded content and commercials.
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