ViacomCBS offers the sale of CBS Studio Center, the head office of the “Radford Lot” network
ViacomCBS” the sale of its iconic real estate properties could then include the CBS Studio Center, popularly known as “CBS Radford a lot, ”in Studio City. In a note to staff, the CEO of CBS George Cheeks confirmed that she had hired commercial real estate company JLL to explore a potential sale of the Radford campus.
The news follows the sale last week of CBS’s iconic New York headquarters, the Black Rock skyscraper, for $ 760 million to real estate investment firm Harbor Group International. In Los Angeles, CBS Corp. sold its equally iconic Television City property in the Fairfax neighborhood to real estate investment firm Hackman Capital Partners for $ 750 million in 2018.
CBS’s entertainment division had long been based in Television City, but moved to Radford grounds in the late 2000s. KCBS, which was based in Columbia Square, and KCAL, which moved in with KCBS when the stations were became a duopoly, decamped for the Radford lot in 2007. In recent years, CBS Radford has expanded and built new structures, including its CBS Television facility. , to manage the addition of TV channels, the entertainment division and the addition of shows such as “Entertainment Tonight”.
Originally the Mack Sennett then Republic Pictures batch, CBS began renting studios in the early 1960s; in 1967 he bought the lot and renamed it CBS Studio Center. With 18 soundstages, CBS Radford has become particularly known for being the mainstay over the years for some of the biggest sitcoms on television, including “Seinfeld”.
CBS continues to lease production space in Television City (including the “Price is Right” and “Late Late Show with James Corden” stages), and according to Cheeks’ memo, that would likely be the case with CBS Radford as well. “I can tell you that whether or not Radford is sold, we will ensure that we have the studio capacity necessary to support our major broadcast and production businesses,” he wrote.
Now that Viacom and CBS have merged again, the combined company would still own the famous Paramount lot on Melrose, even if it sells its other facilities.
Here’s Cheeks’ memo:
Team CBS – I wanted you to know about something you will be reading in media reports very soon.
ViacomCBS has hired commercial real estate company JLL to explore a potential sale of our Radford campus in Studio City. Similar to our announcement last week regarding the sale of Black Rock in New York, this aligns with our strategy of divesting non-core assets like real estate and directing that value towards priorities like building ‘more of our best content.
I know that even the possibility of a sale raises a lot of questions, especially for those who work at Radford. I can tell you that whether or not Radford is sold, we will ensure that we have the studio capacity necessary to support our major broadcast and production businesses. Beyond that, until we have more definitive information, there isn’t much we can say at this point in the process. I will share any new information with you as soon as possible.
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