CBS announced today that it has sold its 25-acre Fairfax television studios and sound stages, CBS Television City, to real estate investment firm Hackman Capital Partners for $750 million.
“The acquisition of the legendary Television City will add another crown jewel to our portfolio,” said Michael Hackman, founder and CEO of Hackman Capital.
Television City was completed in 1952, and classic TV shows like The Carol Burnett Show and All in the Family were produced there over the years. The facility continues to be an active production site, with The Price Is Right and The Late Late Show with James Corden filming there.
As part of the deal, CBS programming will continue to be made on the property “at least the next five years” and CBS Studios International’s headquarters will remain on the property.
Hackman Capital’s purchase of the property comes with the rights to use the Television City trademark “in connection with its operations on the property,” says CBS.
Joseph Ianniello, president and acting CEO of CBS, hailed Hackman as “a new owner who is committed to its legacy as both a cultural landmark and modern production facility,” citing the firm’s work with the storied Culver Studios, which it purchased in 2014.
It’s a big day for Hackman Capital. The company also broke ground today on an expansion and modernization of Culver Studios. The project will preserve a historic mansion and a handful of bungalows on the studio property while significantly expanding the studios’ office and production spaces.
The new owner’s plans for the future of the Television City site are unclear. But Hackman did tout his company’s “great success” turning properties “into state-of-the art facilities for notable media, entertainment and content creation companies.”