CBS will be selling its TV City property and sound stage operation. The25 acre area is located at 7800 Beverly Boulevard. Ownership will be transferred to Hackman Capital Partners, a real estate developer for $750 million. Included in this deal will be rights of the realtor to use the TV City trademark in work it conducts on the property.
Once the deal goes through, CBS will still be in operation, but its work will take place at its Studios Center,Studio City at 4024 Radford Avenue, San Fernando Valley, which also houses KCBS and KCAL local TV stations. In addition,this business transaction will not impact any programs CBS produces at the studio campus; there will be no interruption or change in the shows produced by the broadcast network at the property for at least the next five years and office space at CBS Studios International’s US headquarters will also be retained by CBS.
It seems this is not the only large business transaction Hackman Capital Partners has been engaged in. It is now in the process of working on renovating the creative office Culver Studio campus which will be anchored by Amazon Studios. CEO of the firm Michael Hackman said how “thrilled” his firm was with the commitment to the Studios from Amazon. He called it “the ultimate validation of all the hard work our company and the City have put into the campus redesign.”
Once it has been redesigned, the space will reach double its capacity, spanning five new buildings, and 1,930 parking spaces over two lots.