LOS ANGELES (CBSLA) — CBS Corp. will sell its iconic 25-acre CBS Television City for roughly $750 million, the company announced Monday.
The deal with Los Angeles-based real estate developer Hackman Capital Partners also includes the rights to use the Television City trademark in connection with its operations on the property, according to a company statement.
CBS programs including “The Price Is Right”, “The Young & The Restless”, and other shows will continue to be produced on the Television City campus for at least the next five years, officials said.
The company owns the 40-acre CBS Studios Center in Studio City, which will remain the company’s primary production facility. CBS Studios Center is home to the broadcast network, CBS Television Studios and CBS Television Stations KCBS and KCAL.
“As we considered our options for unlocking the significant value of this property, it was very important to us that we find a buyer who shares our appreciation for Television City’s legacy and its standing in the community,” said Joseph Ianniello, President and Acting CEO, CBS Corporation. “We sincerely believe Hackman Capital will do a terrific job as the next steward of this cultural landmark, just as they have respected and maintained other classic properties – including their work to modernize the historic Culver Studios.”
CBS Television City was granted historic-cultural landmark status by the Los Angeles City Council in June. The landmark location hosted Elvis Presley’s first appearance on The Ed Sullivan Show and shows by Carol Burnett and Jack Benny.
The sale is expected to close by early 2019.