CBS Corporation has officially announced the sale of the historic CBS Television City in Los Angeles to Hackman Capital Partners. The property is the studio home of game show “The Price is Right,” soap operas “The Young and the Restless” and “The Bold and the Beautiful,” and late night talk show “The Late Late Show with James Corden.” As part of the $750 million acquisition, Hackman Capital will also have the rights to use the Television City trademark in connection with its operations on the property.
The deal also includes CBS keeping its current productions at Television City for at least another five years. CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments.
“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, 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 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.
The transaction will be tax efficient, is subject to customary closing conditions, including receipt of regulatory approval, and is expected to close by early 2019.