Plymouth Rock Studios Holdings LLC & Rock Entertainment Reorganize
Plymouth, Massachusetts – June 1, 2010 – Plymouth Rock Studios Holdings LLC (PRSH) and Rock Entertainment LLC (REN) announced today that they have completed a separation and reorganization plan for the firms that will allow them to focus on their respective company missions. PRSH is the developer of the Plymouth Rock Studios Project, and will concentrate on securing project funding, pre-leasing, closing on the purchase of Waverly Oaks Golf Course, and the construction of the studio. REN is a content creator that will focus on content and storytelling for distribution across all 21st century media platforms.
As part of the restructuring, the following changes have occurred:
- REN & PRSH are no longer affiliated and will not have direct ownership or management influence over each other. Both have unique and distinct missions.
- Under this arrangement, David Kirkpatrick will move forward as the CEO and Chairman of REN, and Bill Wynne and Joe DiLorenzo will continue as CEO and COO respectively of PRSH. The Boards of the two companies remain separate.
- PRSH officers and staff have relocated their office at Waverly Oaks golf course and REN will be opening a new office in the near future.
- As stated above, the staff at PRSH will focus entirely on leasing, financing, final permitting and commencement of construction.
- The staff at REN will concentrate on motion pictures, television, social networking, education and responsible innovation.
PRSH also announced that based on discussions with potential lenders, they are in the process of restructuring their agreements with the owners of Waverly Oaks and are putting a plan in place that will allow them to match the construction schedule with pre-leasing results. Current discussions are focused on a plan that will have construction start later this year allowing the studio to open in 2012.
With these changes, PRS continues in its efforts to bring a state-of-the-art film and television digital studio complex to Massachusetts. It is anticipated that at completion, the project will create over 2,000 high-income jobs and provide the infrastructure for the sustained growth of the entertainment industry in New England. The full development will have 14 soundstages and up to10-acres of exterior sets, plus production offices, post-production facilities, a theater, hotel, and an amenity village, all expecting to be LEED®-certified.