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DreamWorks SKG, the entertaiment company headed by moguls Steven Spielberg, David Geffen and Jeffrey Katzenberg, announced plans to build a $200 million multimedia studio complex away from Hollywood near the Los Angeles airport. "What DreamWorks is doing is building a studio for the 21st century," says TIME's Pat Cole. "But they're not only building a studio; this is an urban planning experiment. DreamWorks is essentially building a tiny city, which will be wired entirely with fiber optic cable. They intend to attract the best talent to live and work in the DreamWorks compound. The big question is whether they will be able to make films that make money. Most people think they will because DreamWorks is cash-rich and has those three in charge." The 100-acre complex will be located in Playa Vista. The city of Los Angeles gave DreamWorks tax incentives of about $70 million to induce the company to build the facility there. The Los Angeles City Council voted Tuesday to approve the incentive package to help finance the project.