ViacomCBS has entered into a definitive agreement to sell CBS Studio Center and its associated operating business to a partnership formed by Hackman Capital Partners and Square Mile Capital Management for approximately $1.85 billion.
The property sits on a 55-gross-acre site in Studio City, Calif., and consists of more than 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’ real estate and operations portfolio and will allow the company to redeploy capital to strategic growth priorities, including streaming,” said Naveen Chopra, executive vice president and CFO of ViacomCBS.
At closing, CBS Broadcasting will enter into a long-term leaseback of the Broadcast Center, which is home to television stations CBS 2 and KCAL 9. ViacomCBS will continue to occupy st