Entertainment

ViacomCBS sells CBS Studio hub for $1.85 billion – The Hollywood Reporter

ViacomCBS has officially announced: CBS Studios campus has been sold to Hackman Capital Partners Square Mile Capital Management for $1.85 billion.

The final deal was announced on Tuesday following a formal sales process that attracted interest from several buyers after real estate in the increasingly competitive studio space in Los Angeles was put up for bids. take. Naveen Chopra, CEO and CFO of ViacomCBS, said: “This sale is part of the optimization of ViacomCBS’s real estate portfolio and operations and will allow the company to reinvigorate. deploy capital to strategic growth priorities, including streaming,” Naveen Chopra, CEO and CFO of ViacomCBS, said in a statement.

The property is located on a 55-acre property in Studio City and encompasses over 1 million square feet of space, including 22 stages, production and support buildings, side office rentals, and more. third, purpose-built broadcast centers and filming locations. Upon closing, CBS Broadcasting will sign a long-term lease of the Broadcast Center, which houses the CBS 2 and KCAL 9 broadcasters.

ViacomCBS will continue to occupy stages and produce content on the land, as well as enter into short-term subleases of parts of the property to manage the transition of ViacomCBS employees to other locations. “We are honored to have been chosen as the new manager of CBS Studio Center, one of the most successful and popular studios in Los Angeles,” said Michael Hackman, founder and CEO of Hackman Capital Partners. know.

The transaction is expected to close in 2021, pending closing conditions and regulatory approval. Hedge funds and partners have been consistently acquiring major studios for quite some time now, including Hackman Capital and Square Mile Capital’s acquisition of Kaufman Astoria Studios, the New York City studio and the original home. by Paramount Pictures.

ViacomCBS purchased the Studio City lot with 18 audio stages as part of the studio’s plan to offload non-core content to focus on the streaming space. Earlier, on August 16, real estate company Harbor Group International purchased the Black Rock property in midtown Manhattan, known as the CBS building, for $760 million, with a short-term lease of ViacomCBS in the area. this location.

Commercial real estate firm JLL oversaw the sale of ViacomCBS’s Radford campus in Studio City. The Hollywood studio also completed the previous sale of CNET and Simon & Schuster to fund its streaming and content expansion strategy.

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