Fox Corp. is reaching back to the century-old roots of Twentieth Century Fox—the legendary Hollywood film backlot that opened in 1928 and evolved in 1957 into what was then a state-of-the-art film production complex in Century City—for the location of what it is calling Fox Future.

"The FOX Studio Lot, one of the most iconic and treasured production locations in the history of entertainment, is a rich part of our history," said Lachlan Murdoch, Executive Chair and CEO, Fox Corp., in a statement. "The FOX FUTURE project represents a long-term commitment to our industry, to our community, and to the City of Los Angeles."

The $1.5B SF Fox Future expansion at Century City will add nine new sound stages, bringing the total at the lot to 24. The project will include a 24-story media campus office building on Olympic Boulevard; the office tower will focus on creating collaborative open spaces and shared as well as private offices, all designed specifically for film and television production, the company said.