CBS Corp. has reached an agreement to sell its 25-acre Los Angeles-based Television City studio to Hackman Capital Partners for $750 million, the company said on Monday.
CBS shows including “Late Late Show,” “The Price Is Right,” “The Young and the Restless” and “The Bold and the Beautiful” will continue to be filmed on the Television City campus in the Fairfax neighborhood of L.A. for at least the next five years. CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site.
CBS still owns the 40-acre CBS Studios Center in Studio City, California, which will remain the company’s primary production facility.
“The sale of Television City unlocks significant value, increasing CBS’ financial flexibility, including the ability to redeploy capital for strategic growth initiatives such as additional content investment,” said Joseph Ianniello, President and Acting CEO, CBS Corporation. “At the same time, we will be transitioning this venerable site to a new owner who is committed to its legacy as both a cultural landmark and modern production facility. Hackman Capital has demonstrated terrific stewardship of classic properties, including their development of the landmark Culver Studios.”
As part of the agreement, Hackman Capital will also have the rights to use the Television City trademark in connection with its operations on the property.
“The acquisition of the legendary Television City will add another crown jewel to our portfolio,” said Michael Hackman, CEO of Hackman Capital Partners. “We have had great success modernizing and transforming real estate into state-of-the art facilities for notable media, entertainment and content creation companies. With a tremendous operations team already in place, we envision an exciting future for this storied production studio.”
The transaction is expected to close in early 2019.