CBS Sells Television City, Retains Studio City Production Facilities

With the sale of CBS Television City in L.A.’s Fairfax neighborhood, CBS Corp.’s property in Studio City will become the broadcaster main base of operations in the market. CBS on Monday announced an agreement to sell the 25-acre CBS Television City property and soundstage operation at 7800 Beverly Blvd. to Los Angeles-based real estate developer Hackman Capital Partners for $750 million. As part of the agreement, Hackman Capital will gain the rights to use the Television City trademark in connection with its operations on the property. Once the deal is finalized, CBS’ remaining lot will be the 40-acre CBS Studios Center in Studio City, which will continue to act as the company’s primary production facility. The San Fernando Valley campus, located at 4024 Radford Ave., is home to local television stations KCBS and KCAL. The Television City transaction will not affect CBS programs produced on the studio campus, as the broadcast network will continue to shoot shows at the property for the next five years or longer. CBS will also retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site. Among the shows currently in production at the Fairfax lot: talk show “The Late Late Late Show” with James Corden; long-running game show “The Price is Right”; and soap operas “The Bold and the Beautiful” and “The Young and the Restless.” “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,” Joseph Ianniello, CBS Corp.’s acting chief executive, said in a statement. “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.”