The council, which owns the site of the famous studio, will be targeting the film, TV and entertainment trade media in a bid to find new owners.
Current owner, the Elstree Film and Television Studios Company, which is an independent company set up by the council in 1991, has said it will not seek to extend the lease, which runs out in 2007.
A key factor in the company pulling out is an estimated £20m investment needed to improve the site, which it is hoped the future leaseholder will be able to guarantee.
Council CEO Eden Lee said: 'It is vital that Elstree carries on as a studio. It has such a strong heritage and is so important to the area, employing 600 local people and putting £15m a year into the local economy.'
Among the most famous movies to be filmed at Elstree are the Star Wars trilogies. and Indiana Jones.
The in-house comms team is handling the campaign.