Paramount plans $700m revamp of Hollywood lot

The approval process could take about two years.

"For nearly 100 years, Paramount Pictures has made movies that are loved around the world," CEO Brad Grey said in a statement. "To continue to do that successfully, it is critical that we give our talent and staff the tools and technology they need to remain innovative in our approach to filmmaking."

It plans to gradually revamp its 62-acre lot by tearing down some buildings and constructing new ones, turning surface parking lots into structures and expanding sound-stage space to 383,100 sq ft (35,591 sq m) from 362,100 sq ft.

The aim is to make the cramped lot more efficient, create better traffic flows, allow production offices to be closer to sound stages and make it easier for wardrobe trucks and dressing room trailers to get in and out.