FOS Holdings is to build film studios in Cyprus in a joint venture with the island’s leading media group.
The UK-based, Cyprus listed company is linking up with Dias Media Group and its partner No Limits, which have newspaper, magazine, training, online, and radio and television interests, to build a complex of three major film and TV studios, with supporting pre and post production facilities.
The development is to be called FOS Film Studios and has the full backing of the Republic of Cyprus. Construction is expected to start later this year and the aim is to have the first film stage completed by the end of 2022.
FOS subsidiary FOS Film Studios will have a 75 per cent stake. As part of the deal, FOS is reintegrating its film and theatre businesses Shepperton Media and Shaftesbury Avenue back into the company.
Chief Executive Nevern Johns said: “We are delighted to be partnering such a prestigious company as Dias Media Group. Our joint venture project will provide first class facilities for the international film industry and help boost the economy of Cyprus.
“There is a shortage of top class studio space in Europe and this development will help to relieve that. We look forward to construction getting under way especially as FOS has three films in very early stage development.”
Chrysanthos Tsouroullis, Dias Media Group Chief Executive said: “With decades of experience in innovation and media development in Cyprus, Dias is broadening its horizons to create exciting new opportunities for international high-end TV and film production on our island. We will introduce the very latest technology into the new complex and provide training to develop the necessary skills to work in this industry.”
Constantinos Petrides, Minister of Finance of the Republic of Cyprus stated, in a letter to the Company: “The Republic of Cyprus recognises the current lack of professional production facilities in the country and welcomes private initiatives aiming at improving the infrastructure and providing a state of the art film and television studio complex. It will support the venture in every way possible.
“The aim of the Republic is to facilitate the creation of an environment for the film and television industry with the best production facilities and the best trained personnel in the Mediterranean, South East Europe and the wider Middle East region”.
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About Dias Media Group
Founded in 1976 Dias Media Group is Cyprus’s leading media and entertainment company with interests in television, radio and publishing. It owns Sigma Television, Radio Proto, Super FM, online news and feature channel sigmalive,com, a training academy, as well as publishing leading weekly newspaper Simerini and a host of magazines.