CBS sells iconic Television City property for $750m

CBS Corp. has sold its 25-acre CBS Television City property in the Fairfax District of Los Angeles, as well as its soundstage operation, to real estate developer Hackman Capital Partners for $750 million.

L.A.-based Hackman Capital also acquired the rights to use the Television City trademark.

“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 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.”

CBS programs will continue to be produced on the Television City campus for at least the next five years.

CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site.

“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 is expected to close by early 2019.