ViacomCBS Nears Sale Of Los Angeles Studio In Drive To Divest Non-Core Assets

ViacomCBS Inc VIAC is nearing a sale of its historic CBS Studio Center lot in Los Angeles dubbed the “Radford Lot,” the home of popular TV shows, New York Post reports.
Final bids are in for the massive collection of soundstages with Hackman Capital Partners as a leading contender.
Earlier this year, Hackman scooped up Sony Pictures Entertainment’s 182,000 square-foot animation campus in Culver City for around $160 million.
CBS put its 38-acre campus for sale at auction in late August, as the network sells off non-core assets to invest more heavily in creating shows and movies for burgeoning streaming platforms.
The sale will likely be quick as the pandemic is driving demand for shows and movies, leading to a crisis of production studio space in Los Angeles.
ViacomCBS sold CBS’ original Midtown Manhattan corporate headquarters, called “Black Rock,” to real estate investment firm Harbor Group International for $760 million in mid-August.
Price Action: VIAC shares closed lower by 1.41% at $37.08 on Tuesday.