CBS Sells Iconic Television City Property for $750 Million

#CBS Corporation announced on Monday that it has signed a definitive agreement for the sale of its 25-acre CBS #TelevisionCity property in the Fairfax District of Los Angeles, as well as its soundstage operation, with real estate developer Hackman Capital Partners for $750 million. Hackman Capital also acquired the rights to use the Television City trademark.

CBS programs that film at Television City, including The Late Late Show with James Corden and The Price is Right, will continue being produced on the property for at least the next five years.

“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 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.”

The deal is expected to close by early 2019.

by Patrick Shanley 12/10/2018

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