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The rabbit hole (the film building itself, not the lot) is around 30 x 40. The lot is 64 x 64.
I usually make the empty lot by the Landgrab and Alto mansions into a 64x64 lot with the world editor. Sometimes when I'm moving a lot of buildings around I've also put the movie lot where the stadium sits.
That empty lot is one of the few in Sunset Valley that has the "Beautiful Vista" moodlet. It's an awesome moodlet, since to get it all your sims have to do is be home. I always build my sim's home there.Removing the lot permanently removes the moodlet from that file.
If you don't want to add a 64x64 lot to your game, go to Edit Town and change an empty lot to a Film Studio. Then enter that lot in build mode and place the rabbit hole building from the "Community Objects" menu.