By Najat Kantouar


Comcast pledged to invest more than 6 billion pounds ($8.05 billion) in the U.K. to build and run Universal's first European resort, as the U.S. media group moves to expand its theme-park business.

The NBCUniversal owner earmarked more than 5 billion pounds for the construction of an entertainment-resort complex in Bedfordshire, England, over an estimated five-year period and plans to spend an extra billion pounds over the park's first decade of operation, the U.K. Department for Culture, Media and Sport said.

The U.K. government aims to invest 1.3 billion pounds in regional and local infrastructure to support the project with improved transport links, it said.

Comcast has been taking steps to bolster its theme-park operations in recent years, heating up competition with rival Walt Disney, as the rise of streaming platforms made the park business increasingly important for legacy entertainment groups.

The company opened its Universal Epic Universe in Orlando last year, the first major U.S. amusement park in over two decades, and is slated to open its Universal Kids Resort in Texas in July. It has also looked to Saudi Arabia to expand its theme-park business into the Middle East, The Wall Street Journal reported in December.

In the U.K., Comcast plans to build a complex dubbed Universal United Kingdom Resort. The company--which also owns U.K. TV group Sky--outlined plans for the project in May last year, saying it would be Universal's first resort complex in Europe.

The development is expected to create around 20,000 jobs during construction and a further 8,000 jobs when the resort opens in 2031, the U.K. culture department said. Universal estimates the project will generate nearly 50 billion pounds in economic benefit for the U.K. by 2055, it added.


Write to Najat Kantouar at najat.kantouar@wsj.com


(END) Dow Jones Newswires

06-04-26 0554ET