{"id":10544,"date":"2021-11-30T10:08:02","date_gmt":"2021-11-30T15:08:02","guid":{"rendered":"https:\/\/dev2.worldscreen.com\/tvusa\/viacomcbs-selling-cbs-studio-center-1-85-billion\/"},"modified":"2021-11-30T12:37:04","modified_gmt":"2021-11-30T17:37:04","slug":"viacomcbs-selling-cbs-studio-center-for-1-85-billion","status":"publish","type":"post","link":"https:\/\/worldscreen.com\/tvusa\/viacomcbs-selling-cbs-studio-center-for-1-85-billion\/","title":{"rendered":"ViacomCBS Selling CBS Studio Center for $1.85 Billion"},"content":{"rendered":"<p>ViacomCBS has entered into an 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 $1.85 billion.<\/p>\n<p>The CBS Studio Center property sits on a 55-gross-acre site in Studio City and 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.<\/p>\n<p>The transaction is expected to close in 2021, subject to customary closing conditions, including regulatory approval.<\/p>\n<p>At closing, CBS Broadcasting will enter into a long-term lease-back of the Broadcast Center, which is home to the CBS 2 and KCAL 9 stations. ViacomCBS will continue to occupy stages and produce content on the lot, as well as enter into a short-term lease-back of certain portions of the property in order to manage the transition of ViacomCBS employees to other locations.<\/p>\n<p>&#8220;This sale is part of an ongoing optimization of ViacomCBS&#8217;s real estate and operations portfolio and will allow the company to redeploy capital to strategic growth priorities, including streaming,&#8221; said Naveen Chopra, executive VP and chief financial officer at ViacomCBS.<\/p>\n<p>&#8220;We&#8217;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,&#8221; said Michael Hackman, founder and CEO of Hackman Capital Partners. &#8220;The studio has been a hitmaker from the days of <em>Gunsmoke<\/em>, <em>Mary Tyler Moore<\/em>\u00a0and <em>Seinfeld<\/em>, and we&#8217;re thrilled to continue our ongoing relationship with ViacomCBS to service its many successful shows currently filmed on the lot.&#8221;<\/p>\n<p>&#8220;CBS Studio Center is an iconic property that has been home to many of television&#8217;s legendary programs over the years,&#8221; said Craig Solomon, CEO of Square Mile Capital. &#8220;With ViacomCBS maintaining an important presence at the property, we anticipate a smooth ownership transition and many more great years ahead.&#8221;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>ViacomCBS has entered into an 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 $1.85 billion.<\/p>\n","protected":false},"author":350,"featured_media":10545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[2379],"class_list":["post-10544","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-viacomcbs"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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