LOS ANGELES—CBS is selling its Television City Studio to real estate development firm Hackman Capital Partners for $750 million. The agreement allows for CBS shows including “Late Late Show,” “The Price is Right,” “The Young and the Restless” and “The Bold and the Beautiful” to continue to be filmed at the studio, which is located in the Fairfax area of Los Angeles.
“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 of CBS. “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.”
CBS will also continue to use office space for the U.S. headquarters of CBS Studios International and other network departments located on the campus
"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."
CBS owns the 40-acre CBS Studios Center in Studio City, Calif, which will remain the company's primary production facility. That campus is home to the broadcast network, CBS Television Studios and CBS Television Stations KCBS and KCAL.
Tom has covered the broadcast technology market for the past 25 years, including three years handling member communications for the National Association of Broadcasters followed by a year as editor of Video Technology News and DTV Business executive newsletters for Phillips Publishing. In 1999 he launched digitalbroadcasting.com for internet B2B portal Verticalnet. He is also a charter member of the CTA's Academy of Digital TV Pioneers. Since 2001, he has been editor-in-chief of TV Tech (www.tvtech.com), the leading source of news and information on broadcast and related media technology and is a frequent contributor and moderator to the brand’s Tech Leadership events.
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