- Share this article on Facebook
- Share this article on Twitter
- Share this article on Email
- Show additional share options
- Share this article on Print
- Share this article on Comment
- Share this article on Whatsapp
- Share this article on Linkedin
- Share this article on Reddit
- Share this article on Pinit
- Share this article on Tumblr
ViacomCBS is exploring a sale of its CBS Studio Center property in the Studio City neighborhood of Los Angeles.
A possible deal to sell off the 40-acre production lot with 18 soundstages is part of ViacomCBS’ plan to offload noncore assets to focus on the streaming space. On Aug. 16, real estate firm Harbor Group International bought the Black Rock midtown Manhattan property, known as the CBS building, for $760 million, with ViacomCBS taking out a short-term lease at the location.
“ViacomCBS has hired the commercial real estate firm JLL to explore a potential sale of our Radford campus in Studio City,” George Cheeks, CBS president and CEO, told employees Monday about the Studio City property, via an internal email obtained by The Hollywood Reporter.
“Similar to our announcement last week regarding the sale of Black Rock in New York, this aligns with our strategy to divest non-core assets like real estate and direct that value to priorities such as creating more of our best-in-class content,” Cheeks added.
The studio completed earlier sales of CNET and Simon & Schuster to finance its expanding content and streaming strategy.
“I know even the possibility of a sale raises lots of questions, especially for those who work at Radford. I can tell you that regardless of whether Radford is sold, we will ensure we have the studio capacity to support our leading broadcast and production businesses,” Cheeks told employees.
The asset sales have aimed to position ViacomCBS with a structure similar to streaming giant Netflix, which continues to build up its international originals as it expands worldwide.
Sign up for THR news straight to your inbox every day