Sky has been given the go ahead to develop a vast UK studio complex creating 2,000 jobs.
The environmentally-friendly facility will be built in Hertfordshire near the famous Elstree studios, with construction starting later this month.
The development will have 12 sound stages and is expected to attract £3bn ($3.8bn) investment over the first five years.
The project, which is being financed by Legal & General, will be built with the backing of Sky's owner Comcast (CMCSA) in partnership with sister company NBCUniversal.
The film and television studio was given planning consent this week by Hertsmere Borough Council.
Caroline Cooper, Sky Studios' finance chief, said: "This is a vote of confidence for the UK's creative industries and a fantastic opportunity for jobs and investment."
She said the site, which will be the size of 17 football pitches, will "boost the local economy and celebrate the best of British and international creativity".
Culture Secretary Oliver Dowden, who is also the MP for Hertsmere said the development will "champion British creativity on the global stage", and "bring investment, jobs and opportunities to people across Hertsmere - cementing Elstree & Borehamwood's reputation as the British Hollywood."
The studio will house Sky Originals, as well as productions from Universal Pictures, Focus Features and Working Title, together with TV shows from Universal Studio Group.
As the first carbon-neutral media company in the world, Sky hopes the new complex will be able to generate 20% of its own energy through solar power.
As part of its green pledge no gas or fossil fuels will be used to power day-to-day operations at Sky Studios Elstree and it will harvest rainwater for use on site. Single-use plastics will also be banned.