ViacomCBS Inc said yesterday that it had entered into a definitive agreement to sell CBS Studio Center and its related operating business to a partnership formed by Hackman Capital Partners LLC and Square Mile Capital Management LLC for nearly $1.85 billion.
The property is located on a 55-gross-acre site in Studio City 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 as well as filmable backlot locations.
“This sale is part of an ongoing optimization of ViacomCBS’ real estate and operations portfolio and will allow the company to re-deploy capital to strategic growth priorities, including streaming,” Naveen Chopra, Executive Vice President and Chief Financial Officer of ViacomCBS, said in a statement.
“We’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,” Michael Hackman, Founder and Chief Executive Officer of Hackman Capital Partners, said.
“The studio has been a hit maker from the days of Gunsmoke, Mary Tyler Moore, and Seinfeld, and we’re thrilled to continue our ongoing relationship with ViacomCBS to service its many successful shows currently filmed on the lot,” he added.
The transaction is expected to be finalized by the end of this year, subject to customary closing conditions.
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