Paramount applies for upgrade

Paramount Pictures has filed an application with the city of Los Angeles for the Hollywood Project, a long-term plan intended to upgrade its lot and maintain its film and television departments in Hollywood.The 25-year plan will allow Par the ability to upgrade and modernize current facilities and properties for the future.The studio estimates that the project could mean up to $700 million in investment for Los Angeles and is anticipated to generate $3.1 billion in economic output annually.The longterm plan allows Paramount its first opportunity to look at its entire studio lot with a view to improving production synergy and efficiencies for the future. Contact Justin Kroll at justin.kroll@variety.com

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