MUMBAI: Paramount Pictures is in plans to have a $700 million upgrade of its Hollywood headquarters admeasuring 62 acres.

The studio, launched in 1926, is filing applications with the city of Los Angeles for what it has named the Hollywood Project, a 25-year plan to improve its existing studio lot and adjacent properties.
 
Most of the development will take place at the studio‘s main 56-acre plot that was created when Paramount bought the former RKO Studios from Desilu Productions in 1967.
 
Portions of the plot along Melrose and limited areas within the main production area are being targeted for development.
Paramount said it will reach out to the local community to offer information and answer questions about the project over the next several months. It said that the capital improvements will create nearly 7,300 jobs during construction and 12,600 jobs during operations with the project estimated to generate $3.1 billion in economic output annually.

Said Paramount chairman and CEO Brad Grey, "As the last major studio physically located in Hollywood, this project is fundamentally about maintaining a robust and healthy entertainment industry in Los Angeles, laying the long-term foundation to preserve and grow jobs and employment in the heart of the entertainment industry, as well as ensuring that the legacy and heritage of this iconic studio are protected for future generations."