Paramount unveils $700-million upgrade to studio lot

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One of Hollywood’s most historic, and crowded, lots is getting a $700-million upgrade.

Paramount Pictures has unveiled plans to modernize and expand its 56-acre Los Angeles lot, which houses executive offices along with soundstages and producers.

‘This is a wonderful way to reinvest in what brought us to the party,’ said Brad Grey, chairman of the studio behind ‘Transformers’ and ‘Paranormal Activity.’

See the story in today’s Times for much more on the renovation of Paramount’s lot.

-- Ben Fritz