Business & Investment

ViacomCBS sells famous Studio City TV lot for $ 1.85 billion

Viacom CBS To sell the CBS Studio Center Complex in Studio City, home to groundbreaking television shows such as “Seinfeld,” “Mary Tyler Moore Show,” “Gilligan’s Island,” and “Philadelphia is always sunny.” A $ 1.85 billion transaction.

Real estate investor Hackman Capital Partners and Square Mile Capital Management collaborate to win A competitive auction of real estate on 55 acres of Radford Avenue.

Astonishing price tags highlight the value and rarity of the Los Angeles TV sound stage as content producers compete for space to shoot TV shows and movies and stock streaming services. NS The auction was announced last summer.

Announced on Tuesday, the deal is one of the largest real estate deals for a Los Angeles television studio complex.

“We are honored to be selected as the new steward for CBS Studio Center, one of Los Angeles’ most famous and successful studios,” said Michael Hackman, Founder and Chief Executive Officer of Hackman Capital Partners. Is stated in the release.

“The studio has been a hit maker since the days of’Gun Smoke’,’ Mary Tyler Moore’and’Seinfeld’, to serve the many successful shows currently being filmed in many films. We are excited to continue our ongoing relationship with Viacom CBS. ”

Hackman Capital Partners is one of the world’s largest providers of entertainment production facilities. We currently own four studios in the LA area, along with studios in New York, New Orleans and London. 2019, Hackman Capital Purchase other vast complex of CBS $ 750 million in Los Angeles, a 25-acre television city adjacent to the original farmers market and Globe.

Hackman Capital also owns a historic Culver Studios in Culver City, where “Gone with the Wind” and “ET” were filmed. Amazon Studios is currently operated from the site.Earlier this year, Hackman Capital Partners Buy Sony Pictures Animation Campus In Culver City.

To successfully trade Radford Lot, the private Los Angeles-based Hackman Capital has partnered with Square Mile Capital Management, a New York-based real estate and management company.

Acquired from Republic Pictures in the 1960s, CBS plans to lease back space from a new owner. Two LA-based television stations, KCBS-TV (Channel 2) and KCAL-TV (Channel 9), are housed in Radford Lot’s CBS Broadcast Center, maintaining local news operations for a long time. increase. ViacomCBS announced a term leaseback in a statement on Tuesday.

CBS will continue to occupy the stage and produce content in lots. The company plans to sign a short-term lease to stay in some office space when moving workers to a new location. For 13 years, Radford’s real estate was the West Coast headquarters of the CBS TV Network.

Just north of Ventura Boulevard, the CBS Studio Center has 18 traditional sound stages and 4 other stages. The site also has approximately 210,000 square feet of production office space and a unique factory that offers carpentry, painting, commissioning, and car washing. There is a backlot with “Central Park” and “New York Street”, with the front of 11 buildings containing 4 brownstones. It also includes a simulated residential area with a jumble of homes of various architectural styles.

Until recent years, the entire studio complex was rarely auctioned.

Hackman Capital acquired The Culver Studios in 2014. Later, CBS sold Television City to the company in early 2019. That same year, Warner Bros. agreed to sell the historic North Hollywood Way facility in Burbank, known as Ranch Lot.

Since then Viacom and CBS merge Almost two years ago, a New York company abandoned CBS’s signature property to generate cash. last summer, Sold CBS’s iconic New York skyscraper known as BlackRock For $ 760 million to private company Harbor Group International. Granite tower Designed by Eero Saarinen, Midtown in Manhattan has been the headquarters of CBS since 1965.

Naveen Chopra, Chief Financial Officer of ViacomCBS, said:..

A year ago, ViacomCBS also announced a deal to sell its book publisher, Simon & Schuster, to Bertelsmann’s Penguin Random House for a whopping $ 2.18 billion.But earlier this month U.S. Department of Justice has sued to block the transaction For antitrust reasons.

CBS Studio Center was exactly the studio lot that gave the name Studio City.

The transaction is expected to be completed by the end of the year.

“We look forward to a smoother transfer of ownership and years to come as ViacomCBS maintains a significant presence in the property,” said Craig Solomon, CEO of Square Mile Capital. increase.



ViacomCBS sells famous Studio City TV lot for $ 1.85 billion

https://www.latimes.com/entertainment-arts/business/story/2021-11-30/viacom-sells-cbs-studio-radford-lot-hackman ViacomCBS sells famous Studio City TV lot for $ 1.85 billion

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