ATLANTA, Ga. (CBS46) -- The film studio behind blockbusters like Black Panther, Avengers and Captain America has sold its stake to local venture partner.

Pinewood Atlanta Studios, which boasts stages ranging from 15,000 to 40,000 square feet, is sits on 700 acres in Fayetteville. On Aug. 21st Pinewood Group announced the sale.

According to a press release, Pinewood will continue to provide "sales and marketing support for the Studios in Atlanta for a period of up to 18 months."

Paul Golding, Chairman of Pinewood Group Limited, said:

“Pinewood is known across the world as a leading-provider of studio space and over the last six years, Pinewood Atlanta Studios has become the second largest purpose-built facility in the US. As our partners in Atlanta look to expand their focus and invest in content development, we have agreed to sell our equity in the Studios. Pinewood will continue to prioritise its core business of providing studio infrastructure, including extensive growth plans in the UK and expansion in key international markets.”

This announcement will have no impact on productions shooting at the Studios, which will continue to be led by Frank Patterson.

“The Pinewood Group has been a great partner, building the best facilities in the world for us in Atlanta,” said Frank Patterson, President of Pinewood Atlanta Studios. “I came on two years ago to build content opportunities at the same time the Pinewood Group changed ownership and decided to focus on providing studio accommodation. We’ve got some exciting investments in the pipeline on the content creation side of the business so this a truly great time for the industry in Atlanta. I would like to thank Pinewood Group for all they’ve done and how they have helped make Atlanta a world leader in film and digital production.”

Copyright 2019 WGCL-TV (Meredith Corporation). All rights reserved.

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