CBS Corp. said it agreed to sell the CBS Television City studio facility in Los Angeles for $750 million to Hackman Capital Partners.
Shows including The Late Late Show With James Corden, The Price Is Right, The Young and The Restless and The Bold and the Beautiful will continue to be produced on the 25-acre Television City campus 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. “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 retain office space for CBS Studios International's U.S. headquarters and other units currently located at the site.
Hackman will have the rights to use the Television City trademark.
“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 also 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.