ViacomCBS sells iconic Studio Center for $1.85 billion

FILE PHOTO: ViacomCBS headquarters in New York, New York
FILE PHOTO: Picture of ViacomCBS headquarters in New York, New York, US on December 5, 2019. REUTERS / Kate Munsch

November 30, 2021

(Reuters) – ViacomCBS Inc, on Tuesday said it would sell CBS Studio Center, where the iconic sitcom “Seinfeld” was filmed, for nearly $1.85 billion, in a bid to raise funds to invest in sectors Strategic areas include streaming services.

The company will sell the studio located in the highly competitive Los Angeles studio market to Hackman Capital Partners LLC and Square Mile Capital Management LLC. The property is over 1 million square feet and includes 22 stages, a manufacturing office and other buildings.

In September, ViacomCBS said it was restructuring the operations of Paramount Pictures’ film and television production unit, in a broader shakeup aimed at boosting content across its TV and cable services.

The transaction, expected to close this year, comes amid a booming studio sector as media companies race to ramp up content production in a streaming-first world.

(Reporting by Tiyashi Datta and Chavi Mehta in Bengaluru; Editing by Vinay Dwivedi)

Source link ViacomCBS sells iconic Studio Center for $1.85 billion

Bobby Allyn

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