Gray Television announces deal with NBCUniversal for new studios

ATLANTA (Gray News) – Gray Television, Inc. announced Wednesday that it has entered into a long-term agreement with NBCUniversal Media, LLC, which will lease and operate new, state-of-the-art studio facilities in the Gray’s Assembly Atlanta development in the metropolis. Atlanta.

The facilities are expected to be built over the next few months.

“Gray Television is thrilled to expand our already strong relationship with NBCU,” said Executive Chairman and CEO of Gray, Hilton H. Howell, Jr. “The new venture announced today places Gray’s own studio projects in a large, first-class television and film production facility that will surely draw on and augment the vast pool of skilled industry professionals who also make their home here in metro Atlanta.

Assembly Atlanta is a 135-acre mixed-use development centered around the studio apartment industry on the former site of the General Motors Assembly Plant in Doraville, Georgia. The property borders the perimeter of Interstate 285 and is near Atlanta’s neighborhood of Buckhead.

In 2021, Gray assembled the real estate that includes Assembly Atlanta. Last year, Gray retained Atlanta-based The Gipson Company as developer and construction manager and JLL as strategic advisor for Assembly Atlanta.

The centerpiece of the Assembly Atlanta development is the 43-acre Assembly Studios complex featuring sound stages, production offices, warehouse and factory buildings, bungalow studios, event space and a parking deck.

NBCU’s lease with Gray will include a full suite of facilities needed to support television and film production. The new facilities will include several sound stages, production offices, warehouses and factories, as well as parking and other necessary amenities.

A rendering of the above view of Gray Television’s Assembly Atlanta development.(Grey TV)

Adjacent to the Assembly Studios complex is Third Rail Studios, a seven-acre film and television production facility that opened in 2016 and which Gray acquired in September.

NBCU will manage all on-site studio and production facilities within the Assembly Studios complex, including Gray’s own studio facilities and Gray’s Third Rail Studios.

This arrangement is expected to leverage NBCU’s extensive experience and expertise in managing studio lots, provide consistency across all studio operations and third-party rental opportunities, and enable Gray to continue to concentrate on its own video production activity.

Construction of roads and infrastructure began last summer at the Assembly Studios complex, and construction of Gray’s Swirl Films studio buildings at the end of last year.

Construction of the NBCU facilities is expected to begin this summer. At that time, Gray expects more than 1,200 people to be employed in on-site construction work.

Gray expects the Assembly Studios complex to be completed in the second half of 2023, allowing Gray’s Swirl Films, NBCU and any third-party tenants to begin film and television productions at the new facilities before the end of next year.

When fully operational, more than 4,000 people are expected to work at Assembly Studios and Third Rail Studios, and productions filmed there will support thousands of additional new jobs in the community.

Outside of the Assembly Studios complex, current plans for Assembly Atlanta include mixed-use and commercial buildings around a downtown concept when completed within the next five to seven years.

Long-term development plans include a boutique hotel, townhouses and apartments, entertainment venues including online gaming facilities, a conference center and office buildings. Properties, including landscaped streets, parks and green spaces, will be designed to allow locations to be filmed in Assembly Atlanta for productions shot at the Assembly Studios sound stages.

Gray plans to sell and lease various parcels to third parties to build and operate retail, residential, office and other businesses in the Assembly Atlanta complex outside of Assembly Studios.

In light of the deals announced Wednesday and construction at the site progressing ahead of schedule, Gray is now updating its Assembly Atlanta-related capital expenditure forecast to a range of $130-140 million in 2022, with about $80-90 million in additional spending. capital expenditures related to Assembly Atlanta in 2023.

These capital expenditure amounts are net of currently anticipated proceeds from property sales and certain other incentive payments that Gray expects to receive this year.

Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia, and the parent company of this station.

It is the largest owner of local TV channels and premier digital assets in the United States, serving 113 TV markets reaching approximately 36% of US TV households. This portfolio includes 80 markets with the highest rated television channel and 100 markets with the first and/or second highest rated channel.

He also owns video program companies Raycom Sports, Tupelo Honey and PowerNation Studios, as well as Third Rail Studios.

For more information, visit Gray.tv.

Copyright 2022 Gray Media Group, Inc. All rights reserved.

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