Alex Pissios, CEO of Cinespace, is looking to expand the company while bringing more high-quality jobs to Illinois. It has been reported that Cinespace Chicago Film Studios will be sold for the price of $1 Billion dollars. Alex Pissios believes the sale of the studio is expected to spur growth for Chicago’s film industry. The new owners have said that the accelerated growth will lead to new jobs in the area.
Many well-known shows have been filmed at the studio which includes Chicago Med, The Chi, Chicago PD, as well as Chicago Fire. Published reports have stated that after the sale, these shows will remain in Chicago. The Cinespace Chicago Film Studios campus is a massive 60-acre lot, which is located on the west side of North Lawndale, IL. There are currently 33 sound stages and after the sale, there are plans to add up to 19 new soundstages.
The new owners of the studio, a TPG Real Estate firm based out of California and Texas, made the purchase for approximately $1.1 billion dollars. Deadline has reported that a former Netflix head of production, Eoin Egan, will be named as the new COO of Cinepace. Alex Pissios believes the acquisition will lead to industry jobs as the acquisition will help spur growth in Chicago’s already active film industry. Chicago has great landscapes that have the potential for the film industry. The mayor of Chicago, Lori Lightfoot, sees this acquisition as a way to more jobs and productions in the city.