SAVANNAH, Ga. (AP) -- A promised $90 million movie studio in coastal Georgia is seeking a fresh start after a troubled first year.
Medient Studios broke ground on its 1,500-acre complex in Effingham County west of Savannah in August 2013, promising to create 1,000 jobs in five years. A year later, no buildings have been constructed. This summer the company fired its CEO. It also saw regulators temporarily suspend trading of its stock and reported a $14.6 million loss in its newest earnings report.
Company executives are asking Effingham County to renegotiate the terms of Medient's economic incentives package. The company also plans to change its name to Moon River Studios.
New CEO Jake Shapiro says the studio is focused on success and will start shooting its first film in coastal Georgia this fall.
(Copyright 2014. The Associated Press.)