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Cut! Long Beach Mega-Studio

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Last fall there was a lot of excitement when news broke that an old Boeing hangar near Long Beach would be turned into a movie studio. A group of investors, spearheaded by actor Jack O'Halloran, planned to turn the area into a $500 million "mini-city" with 40 soundstages, which "would make it one of the biggest studios in Los Angeles," according to ABC7. Today's LA Times, however, reports that the studio has fallen out of escrow, although the investors say they have their funding lined up and say "they can still close the deal." [LA Times]