Two years after Viacom and CBS merged, the firm is now looking to offload a sprawling Los Angeles production studio campus in Studio City.
ViacomCBS is exploring a sale of its 38-acre CBS Studio Center property on Radford Avenue, according to the Los Angeles Times. CBS has owned the property since the mid-1960s.
Demand remains red-hot for production and soundstage facilities in L.A., as streaming services have supercharged the sector.
CBS Studio Center has 18 soundstages and 210,000 square feet of office space, along with some support facilities, according to the report. Shows that have been produced there include “Seinfeld” and “Big Brother” among many others.
Prior to the merger, CBS sold its 25-acre Television City studio complex in the Fairfax District to Hackman Capital Partners for $750 million.
On Monday, CBS CEO George Cheeks said in an email to staff that the move is part of ViacomCBS’ plan to shrink its real estate portfolio.
This month, news broke tat ViacomCBS would sell its 38-story Manhattan office tower known as Black Rock for $760 million.
[LAT] — Dennis Lynch