New Moscow studio eyes Hollywood partnership

Glavkino in talks with Fox, Universal

Studio boss Ilya Bachurin told Variety, "We have been talking with Fox and Universal about possible cooperation."

"Even though Russia does not have any tax incentives we are willing to adapt our prices to make this an interesting proposal for a studio," Bachurin added.

Glavkino announced on Wednesday a second phase of development worth $120 million on top of the $89 million invested in the past year.

The studios -- the first newly built filmmaking complex on a greenfield site in Russia in more than 60 years -- launched in March with 12 stages, including a 10,000-foot sound-stage that is Eastern Europe's biggest.

The second phase, in which offices, a hotel and post-production facilities will be built, should be complete by late 2013 at the 25-acre site.

Owned by a group of shareholders that includes Konstantin Ernst, head of Russia's main state television station Channel One, and film director and producer Fedor Bondarchuk, the studios are currently doing 70% of their business with television companies.

Designed as a digital complex, the studios have a direct fiber-optic link to Moscow's Ostankino television center.