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Hackman Capital Partners and Square Mile Capital Management have acquired Kaufman Astoria Studios, the New York City studio backlot and the original home of Paramount Pictures.
Terms of the deal for the Queens facility with 11 soundstages and 325,000 square feet of production offices were not disclosed. But formal bids for Kaufman Astoria Studios, which opened in 1920, were received in March 2021 and are understood to have targetted a $600 million price tag.
The latest studio acquisition by Hackman Capital and Square Mile Capital comes as demand for facilities and production services surges worldwide amid a streaming content boom and longtime studio owners cashing out as the industry consolidates.
The deal also follows Hackman Capital and Square Mile entering the New York production market in September 2020 by acquiring Silvercup Studios in Long Island City and the Bronx. Those New York City studio assets are being combined with a Hollywood studio portfolio that includes The Culver Studios in Culver City, home to Amazon Studios, Television City Studios, the CBS broadcasting facility on 25 acres in West Hollywood, and the MBS Media Campus, home to James Cameron’s Lightstorm Studios.
Kaufman Astoria Studios in recent years has played host to Netflix’s Orange Is the New Black, Showtime’s Nurse Jackie, and movies like Men in Black 3 and The Bourne Legacy.
“The studio has had a remarkable history over the last 90 years and has been an incredibly active and participating stakeholder in rejuvenating the entire Astoria neighborhood. We are excited to work with Hal Rosenbluth and the entire KAS team, as the studio continues to grow and excel as one of the best production facilities in the industry,” Michael Hackman, founder and CEO of Hackman Capital Partners, said in a statement.
MBS Group, a division of Hackman Capital, is looking to be a one-stop shop as Hollywood projects shoot domestically and abroad and the major studio operator offers soundstages, equipment rental and ancillary services business worldwide.
Hal Rosenbluth, president and CEO of Kaufman Astoria Studios, added: “Since inception, the commitment and vision of George Kaufman has been paramount to revitalizing the greater Astoria community, ensuring that the film and production industry serves as a pillar and economic driver for arts, culture and local small businesses. Kaufman Astoria We are thrilled that Kaufman Astoria will continue to serve as an iconic studio within the growing New York film and television market.”
Kaufman Astoria was represented by Jefferies Group, Olshan Frome Wolosky LLP and Simpson Thacher & Bartlett LLP for this transaction.
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