Warner Bros. and Sony Drop Rivalry and Join Forces Behind Las Vegas Studio

variety.com:

Gene Maddaus Senior Media Writer Warner Bros. Discovery and Sony Pictures have ended their competition in Nevada and joined forces behind a new studio project in the Las Vegas suburbs.

Last year, the companies were backing rival projects, both of which would have required state tax incentives to get off the ground.

But in recent weeks, Warner Bros. dropped its support for a facility at a UNLV business park in southwest Las Vegas. On Wednesday, the company announced that it will instead partner with Sony on its $400 million studio project in Summerlin.

Assemblywoman Sandra Jauregui, who is sponsoring the Summerlin project in the Nevada Legislature, hailed the development in a statement: “We are the entertainment capital of the world, and there is no better example of that than this partnership between two of the world’s major film and television studios.” The Summerlin project requires at least $80 million per year in Nevada tax credits, which still must be approved by the Legislature and the governor.