The broadcaster hopes that the 14-stage facility, which will be one of the biggest in Britain, will be completed by the end of 2021.
It will be less than a mile away from existing studios at Elstree, where movie blockbusters such as The Shining, Star Wars and Indiana Jones were filmed and BBC shows such as Strictly Come Dancing are made.
Gary Davey, chief executive of Sky Studios, said the “growing appetite” for its original programme-making, which includes the critically acclaimed drama series Chernobyl, justified the scale of the investment.
Sky currently has 34 dramas and eight comedies in production but Mr Davey said “what is missing from the jigsaw is the infrastructure to support it”.
It has teamed up with City investment giant Legal & General, which owns the 32-acre plot of land next to the A1 where the complex will be built, and Hollywood studio NBC Universal.
Both Sky and NBC Universal are part of the Comcast US media empire, which also includes film production company Working Title.
The development of Sky Studios Elstree will lead to the creation of 2,000 jobs and be capable of handling an estimated £600 million worth of film and TV production a year.
A planning application is expected to be submitted in the new year to Hertsmere borough council, which owns and runs the existing studios.
