Cinecittà Studios’ Italian Ink Backlot expansion deal is crucial to the planned renovation

Italian studio Cinecittà has signed a preliminary agreement with the state bank Cassa Depositi e Prestiti for the acquisition of a plot of land adjacent to the filming facilities in Rome. The land will give them room to roughly triple the backlot and build several new sonic stages.

Under the deal, Cinecittà, which is undergoing a major renovation, will gain over 70 acres of land that will allow eight additional sound stages to be built on the new space and provide film and television productions with over an additional 30 acres of outdoor backlot for filming.

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The massive expansion will allow Cinecittà to “fill a gap with its competitors in continental Europe,” according to a Cinecittà statement that described the long-standing land expansion agreement as key to giving Cinecittà “global attractive potential.”

The financial terms of the Cinecittà-CDP deal, which is expected to be completed by October 2022, were not disclosed.

Cinecittà studios have been renovated since May under the leadership of Nicola Maccanico, Former CEO of Warner Bros. and Sky Italia. Maccanico joined the board in April as Cinecittà . general manager commissioned by the Italian Minister of Culture Dario Franceschini to transform Rome’s famous studios into the best filming facilities in continental Europe thanks to An investment of €300 million ($339 million) from the European Union’s Post-Pandemic Recovery Fund.

Since then, Maccanico has been busy trying to give Cinecittà a greater competitive advantage against other notable European facilities such as Germany’s Studio Babelsberg, Hungary’s Origo Studios, and Bulgaria’s Nu Boyana.

He has begun repairing several of Cinecittà’s existing acoustic stages and acquiring five new ones built on the existing Cinecittà space while also putting in place a five-year financial plan in which Maccanico expects Cinecittà to begin turning a profit in 2023.

Under this plan, there is a large LED smart theater, which is described as the largest LED wall in Europe, It will be ready in early 2022, and so will it be green screen Studio for motion capture and 3D shots.

Over the past six months, studio occupancy has reached 80%, having drawn international productions including MGM’s “House of Gucci,” Sky’s “Domina” from Ancient Rome, and Showtime’s upcoming series “Ripley.”

Cinecittà, which has full-service facilities, including 35mm editing, sound mixing and film processing suites, has benefited from Italy’s generous 40% tax credit, which was raised from 30% during the pandemic.

Meanwhile, in 2022, nearly 80% of the available Cinecittà space is already booked with three undisclosed large-scale international productions set to soon reach the backdrop that it was obvious they had to expand in order to aspire to The fame that Maccanico is striving for.

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