In the last quarter of 2021, Cinespace was sold to TPG Real estate partners. Cinespace was founded in 2010 and was headed by Alex Pissios. It is one of the biggest film studios in Chicago. The Pissios family said that after sealing the $1 billion deal, they would not be involved in the company’s management. Cinespace will be situated in Chicago. TPG promised to expand the studio into 55 sound stages.
To ensure a smooth transition, Alex Pissios will be involved with the activities of Cinespace. Alex Pissios has struggled to build Cinespace, and it is one of the celebrated Chicago studios. It will be sad to see the company fail after the sale. Pissios has been successful in the TV industry and is best known for producing ” Law and Order” Chicago Med and Chicago Fire.
Cinespace was opened in 2010 and had 33 stages, some in Chicago and outside the city. According to Illinois Governor, the current investment by TPG is worth it since Cinespace is known for some of the best films and has been at the forefront of the booming film production business in Chicago. The current move by TPG is expected to improve the film industry and create more jobs for the residents in Chicago.
Alex Pissios has not commented on his decision to sell Cinespace. His future plans are not yet revealed, but he is expected to give statements after sealing the final deal. We hope to see Cinespace grow in the hands of the new management since it’s one of the big film studios in Chicago.