ViacomCBS Selling CBS Studio Center for $1.85 Billion
ViacomCBS announced it has entered into a deal to sell L.A.’s CBS Studio Center and its associated operating business to two investment firms of Hackman Capital Partners and Square Mile Capital Management for $1.85 billion, the latest in a series of real-estate divestitures for the company. The deal is expected to close in 2021, before the end of the year, subject to customary usual closing conditions including regulatory approval.
The CBS Studio Center property sits on a 55-acre site in Studio Cit consists of over 1 million square feet of space, including 22 stages, production office and support buildings, third-party tenant offices, a purpose-built broadcast center and filmable backlot locations.
“This sale is part of an ongoing optimization of ViacomCBS’s real estate and operations portfolio and will allow the company to redeploy capital to strategic growth priorities, including streaming,” CFO Naveen Chopra said in a statement.
“We’re honored to have been selected as the new stewards of CBS Studio Center, one of the most celebrated and successful studios in Los Angeles,” said Michael Hackman, founder and CEO of Hackman Capital Partners. “The studio has been a hitmaker from the days of Gunsmoke, Mary Tyler Moore and Seinfeld, and we’re thrilled to continue our ongoing relationship with ViacomCBS to service its many successful shows currently filmed on the lot.”
“CBS Studio Center is an iconic property that has been home to many of television’s legendary programs over the years,” said Craig Solomon, CEO of Square Mile Capital. “With ViacomCBS maintaining an important presence at the property, we anticipate a smooth ownership transition and many more great years ahead.”
The origins of the CBS Studio Center date back to the silent-film era, when a movie studio was erected on the site in 1928. Over the years, it has been home to numerous TV productions including “Gunsmoke,” “My Three Sons,” “Gilligan’s Island,” “The Mary Tyler Moore Show,” “American Gladiators” and “Seinfeld.”
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