CBS Corp. said it has reached definitive agreement to sell its iconic 25-acre CBS Television City property and sound stage operation to Los Angeles real estate developer Hackman Capital Partners for $750 million.
As part of the agreement, which Deadline first reported in October, Hackman Capital will have the rights to use the Television City trademark in connection with its operations on the property.
CBS said it will continue to produce The Late Late Show with James Corden, The Price Is Right and The Young and the Restless, on the Television City campus for at least the next five years. The network also will retain office space for CBS Studios International’s U.S. headquarters and other company departments currently housed on the site.
“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 CBS’ Acting CEO Joseph Ianniello in a statement.
Hackman Capital Partners CEO Michael Hackman said the acquisition represents “another crown jewel to our portfolio.”
CBS owns the 40-acre CBS Studios Center in Studio City, Calif, which will remain the company’s primary production facility. That campus is home to the broadcast network, CBS Television Studios and CBS Television Stations KCBS and KCAL.
The transaction, which is subject to regulatory approval, is expected to close by early next year.