ViacomCBS sells historic CBS Studio Center in Los Angeles to Hackman Capital for $1.85 billion

CBS Television Studios, not to be confused with CBS Studio Center

DECEMBER 5, 2021 - Last week, ViacomCBS confirmed the sale of the historic CBS Studio Center in Los Angeles to Hackman Capital Partners and Square Mile Capital Management in a deal worth $1.85 billion, according to a report from Deadline. The 55-acre property offers 22 sound stages, backlot filming, production and support offices, a broadcast center, and more. In its long history, CBS Studio Center saw the production of hit series such as Seinfeld, The Mary Tyler Moore Show, and Gunsmoke.

Over the last two years, ViacomCBS has been tightening up their assets and refocusing efforts toward content creation and the Paramount+ streaming service. Deadline noted the CBS Black Rock headquarters in New York City sold for $760 million earlier this year, while the 2020 deal to sell Simon & Schuster to Penguin Random House for more than $2 billion is still pending.

“We’re honored to have been selected as the new stewards of CBS Studio Center, one of the most celebrated and successful studios in Los Angeles,” said Hackman Capital Partners Founder and CEO Michael Hackman. He added, “we’re thrilled to continue our ongoing relationship with ViacomCBS to service its many successful shows currently filmed on the lot.”

Full transfer of the property will take some time to complete. After the sale is finalized, ViacomCBS will be leasing back some of the offices and sound stages needed to continue production while the transition takes place over the course of 2022. While that may seem complicated, Square Mile Capital CEO Craig Solomon is confident. In a statement, Solomon said, “CBS Studio Center is an iconic property that has been home to many of television’s legendary programs over the years. [...] With ViacomCBS maintaining an important presence at the property, we anticipate a smooth ownership transition and many more great years ahead.”