CBS announces agreement to sell CBS Television City for $750M
CBS announced it has signed a definitive agreement for the sale of its 25-acre CBS Television City property and sound stage operation with Los Angeles-based real estate developer Hackman Capital Partners for $750M. As part of the agreement, Hackman Capital will also have 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. CBS will also retain office space for CBS Studios International's U.S. headquarters and other company departments currently housed on the site. 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.