FILM THEME PARK SET FOR U.K.Byline: Laura Frost and Dawn Hayes Bloomberg Business News MAI MAI Mail (File Name Extension) MAI Multilateral Agreement on Investment MAI Maius (Latin: May) MAI Ministerul Administratiei si Internelor (Romanian) Group Plc and Time Warner Inc. said they plan to invest 225 million pounds ($334 million) to build a film and television production studio and theme park in West London West London is the area of Greater London to the west of Central London. Although it is only ambiguously defined, it is one of the most economically active areas of London outside of the centre, containing significant amounts of office space along with Heathrow Airport and many of . MAI, which last week announced a 2.9 billion-pound merger with United News & Media Plc, said it and the Warner Bros BROS Brothers BROS Benefits and Retirement Operations Section (King County, Washington) BROS Barnes and Richmond Operatic Society (London, UK) . unit of Time Warner plan to form a joint venture company to develop the site. Each partner will initially invest 700,000 pounds. The park, which is expected to open in the spring or summer of 1999, will be modeled on other theme parks developed in Australia and Germany. The U.K. park, which will be twice the size of the Australian site, is expected to attract in excess of 2 million visitors a year, the companies said. The Australian park has been "very profitable, very successful," Sandy Reisenbach, Warner Bros. executive vice president of marketing and planning, said at a news conference. He said the park had already been enlarged once to accommodate demand. The U.K. park, which will take two years to build, will employ about 3,500 people in total for construction and staffing the park once it opens. A planning application for the Hillingdon site will be filed shortly, the companies said. MAI's shares recently traded down 3 pence pence n. Chiefly British A plural of penny. pence Noun a plural of penny USAGE: Since the decimalization of British currency and the introduction of the abbreviation p, at 422p. Time Warner shares fell 3/8 to 42 7/8 in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . They hit a five-month high of 44 1/8 Feb. 7. |
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