The City of Surrey is set to become a major film hub.

Today, Mayor Linda Hepner announced that Skydance Media will open a production studio in the former Pacific Newspaper Group printing press building in Kennedy Heights.

According to Hepner's state of the city address, it will accommodate five sound stages and provide employment for up to 400 people.

According to its website, Skydance was founded by David Ellison in 2010.

Its feature films have included Mission: Impossible – Rogue Nation, Mission: Impossible – Ghost Protocol, Star Trek Into Darkness, True Grit, and Terminator Genisys.

Ellison's father is Oracle Corporation founder head Larry Ellison, who's ranked by Forbes magazine as the seventh richest person in the world. His estimated net worth is pegged at $48 billion.

"Some reports indicate David received $1 billion from his trust before putting together Skydance Productions, through which he's credited with throwing Paramount Pictures a financial lifeline in 2010 that secured him a co-production deal," wrote Forbes contributor Agustino Fontevecchia last year.

David Ellison made the Forbes 30 Under 30 list in 2011.