CBS To Sell CBS Television City To Hackman Capital For $750 Mln

(RTTNews) - CBS Corp. (CBS) Monday said it has agreed to sell its iconic 25-acre CBS Television City property and sound stage operation to Los Angeles-based real estate developer Hackman Capital Partners for $750 million.

Hackman Capital will also acquire the rights to use the Television City trademark in connection with its operations on the property.

CBS programs will continue to be produced on the Television City campus for at least the next five years. Series produced at Television City include The Late Late Show With James Corden, The Price Is Right, The Young And The Restless And The Bold And The Beautiful.

CBS will also 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 Joseph Ianniello, President and Acting CEO, CBS Corporation. "

CBS owns the 40-acre CBS Studios Center in Studio City, Calif, which will remain the company's primary production facility.

The transaction will be tax efficient, is subject to customary closing conditions, including receipt of regulatory approval, and is expected to close by early 2019.