ViacomCBS To Sell CBS Studio Center For $1.9B

ViacomCBS Inc VIAC has agreed to sell CBS Studio Center and its associated operating business to a partnership formed by Hackman Capital Partners, LLC and Square Mile Capital Management, LLC for $1.85 billion.
The property sits on a 55-gross-acre site in Studio City. It consists of over 1 million square feet of space, including 22 stages, a production office, support buildings, third-party tenant offices, a purpose-built broadcast center, and filmable backlot locations.
"This sale is part of an ongoing optimization of ViacomCBS' real estate and operations portfolio and will allow the company to redeploy capital to strategic growth priorities, including streaming," CFO Naveen Chopra said.
The transaction will likely close in 2021.
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Price Action: VIAC shares traded lower by 4.75% by $30.75 in the market session on the last check Tuesday.