LOS ANGELES—At a time when streaming services have been ramping up production and boosting prices for studio properties, ViacomCBS Inc. has hired a brokerage firm to sell the CBS Studio Center, according to Bloomberg.
ViacomCBS has announced a strategy of selling off real estate and non-core assets, most recently selling the former CBS headquarters building in Manhattan for $760 million.
CBS Studio Center, located in Studio City, California, is a full service production facility including eighteen sound stages and over 210,000 square feet of supporting office space that sits on a 40-acre site. CBS became the main company leasing space on the lot in 1963 and purchased the lot in 1967.
Bloomberg reports that “George Cheeks, chief executive officer of CBS, said in a memo to staff Monday that the company has hired the brokerage firm Jones Lang LaSalle to market the property.”
“Similar to our announcement last week regarding the sale of Black Rock in New York, this aligns with our strategy to divest non-core assets like real estate and direct that value to priorities such as creating more of our best-in-class content,” Cheeks said in the memo quoted by Bloomberg.
Bloomberg also noted that “while the impact of any sale on local staffing has yet to be determined, the company would still have access to enough studio space to continue making its TV shows.”
The full Bloomberg article is available here (opens in new tab).
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George Winslow is the senior content producer for TV Tech. He has written about the television, media and technology industries for nearly 30 years for such publications as Broadcasting & Cable, Multichannel News and TV Tech. Over the years, he has edited a number of magazines, including Multichannel News International and World Screen, and moderated panels at such major industry events as NAB and MIP TV. He has published two books and dozens of encyclopedia articles on such subjects as the media, New York City history and economics.
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