Today CBS announced that they have agreed to sell their landmark Television City property and sound state to Hackman Capital Partners for $750 million. Television City currently is the home to a growing number of popular shows including THE LATE LATE SHOW with JAMES CORDEN, THE PRICE IS RIGHT, THE YOUNG AND THE RESTLESS and THE BOLD AND THE BEAUTIFUL.
“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, 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.”
“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 will retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site.
The question now is what does CBS plan to do with $750 million?
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