The Los Angeles County Regional Planning Commission gave its approval for Walt Disney Co. to build a movie production studio in the Santa Clarita Valley.

The Disney ABC Studios at the Ranch project now moves to the Los Angeles County Board of Supervisors for final approval. A date for that vote has not been set.

Disney will construct 12 soundstages that offer space for up to six one-hour dramas, production and administration offices, and commissary and talent bungalows on its 800-acre Golden Oak Ranch property in the unincorporated area of the valley.

The Disney ABC Studios at the Ranch project represents a multi-million investment in the last of the studio-owned movie ranches and a commitment by Disney to the Southern California region as a production center.

Shares of Disney closed down $2.35 or 3.6 percent at $61.98 on the New York Stock Exchange.