The sprawling 20th Century Fox lot in Century City will remain with the Murdoch family after Disney’s reported $52.4 billion acquisition of Fox’s assets Thursday.
The lot — valued at up to $1.5 billion — will stay in control of a spinoff company retained by the Murdoch family that includes Fox News, Fox Broadcasting Company and FS1 Sports, according to Bloomberg and the Hollywood Reporter. The spinoff will keep all of 21st Century Fox’s global real estate assets in the deal.
Retaining the lot will allow the spinoff to charge Disney rent to use it, while allowing the companies staying with the Murdochs to remain on the property.
The land beneath the lot is estimated to be worth $1 billion on its own and is home to 80 buildings totaling 1.8 million square feet of space, THR reported.
The studio was integral to the history of film, particularly during the industry’s early years. It’s where the actors from “The Sound of Music” recorded all of the music for the film, and part of it was even sold off to raise money when the epic 1962 film “Cleopatra” ran well over budget. [Bloomberg and The Hollywood Reporter] — Dennis Lynch