Bridge Studios sold to Larco

The B.C. government has sold Bridge Studios in Vancouver for $40 million to Larco Investments Ltd.

The B.C. Pavilion Corp. (PavCo) has operated the movie studio since it was built in 1989.

At that time, the B.C. film industry was in its infancy. It has since grown to be worth $1.2 billion in 2006. Along with that growth has come a huge increase in the number of studios.
Given the increase in available studio space, Pav-Co's chief operating officer, John Harding, said it made sense to sell the Bridge facilities.

"It isn't really in the government's interest to be in the business," Harding said.

"Private industry is best equipped to maintain and operate production facilities of the level and expertise of Bridge Studios," Tourism, Sports and the Arts Minister Stan Hagen said in a prepared release.

Larco will continue to operate the six sound stages and special-effects stage as film studios, Harding said.

Bridge Studios' five full-time employees will keep their jobs, he added.

mramsey@png.canwest.com

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