Taylor Sheridan and Paramount are teaming up to launch a massive new film studio in Texas

“Yellowstone” creator Taylor Sheridan and Paramount are going big in Texas, joining forces to open a 450,000-square-foot production campus in Fort Worth, in a boost to the Lone Star State’s growing entertainment economy.

The venture, announced Wednesday, comes on the heels of Skydance’s $8.4-billion takeover of Paramount and just as Texas has taken major initiatives to encourage more film production, having recently passed legislation increasing its film incentives program to $1.5 billion over the next 10 years.

The massive production hub will be situated on the Alliance Texas campus, a 27,000-acre development owned by billionaire Ross Perot Jr.’s Hillwood, a commercial and residential real estate developer and a partner in the project along with Sheridan’s and Paramount Television.

It will be the largest studio facility in the state, according to officials, and marks another step toward Lt. Gov. Dan Patrick’s goal “to make Texas the Film Capital of the World.”

“We are at a pivotal moment where Texas can become a global force in the film industry, and North Texas offers the location and resources to play a central role in this development,” said Hillwood President Mike Berry in a statement.

The film campus is composed of two buildings with six sound stages that can support four large-scale productions simultaneously. It is expected to be the home base for such Sheridan-produced shows as “Landman” and “Lioness,” which currently film in Texas.

The second season of “Landman” has been filming at the facility since March.

The move also marks a turning point for Sheridan’s productions.

In recent years, Sheridan, who grew up in Fort Worth, has filmed many of his hit television shows — including “1883” — across the state.

His productions have brought in hundreds of millions of dollars to local businesses and a stream of tourists in what some in the industry began calling “the Sheridan Effect.”

“SGS Studios isn’t just about sound stages or incentives — it’s about reclaiming the independence and grit that built this industry in the first place,” said Taylor Sheridan in statement about the new project.