NEW YORK, Dec. 10, 2018 /PRNewswire/ -- CBS
Corporation today announced it has signed a definitive agreement
for the sale of its iconic 25-acre CBS Television City® property
and sound stage operation with Los
Angeles-based real estate developer Hackman Capital Partners
for $750 million. As part of the
agreement, Hackman Capital will also have the rights to use the
Television City trademark in connection with its operations on the
property.
CBS programs will continue to be produced on the Television City
campus for at least the next five years. Series produced at
Television City include THE LATE LATE SHOW with JAMES CORDEN, THE PRICE IS RIGHT, THE YOUNG AND
THE RESTLESS and THE BOLD AND THE BEAUTIFUL.
CBS will also retain office space for CBS Studios
International's U.S. headquarters and other company departments
currently housed on the site.
"The sale of Television City unlocks significant value,
increasing CBS' financial flexibility, including the ability to
redeploy capital for strategic growth initiatives such as
additional content investment," said Joseph
Ianniello, President and Acting CEO, CBS Corporation. "At
the same time, we will be transitioning this venerable site to a
new owner who is committed to its legacy as both a cultural
landmark and modern production facility. Hackman Capital has
demonstrated terrific stewardship of classic properties, including
their development of the landmark Culver Studios."
"The acquisition of the legendary Television City will add
another crown jewel to our portfolio," said Michael Hackman, CEO of Hackman Capital
Partners. "We have had great success modernizing and transforming
real estate into state-of-the art facilities for notable media,
entertainment and content creation companies. With a tremendous
operations team already in place, we envision an exciting future
for this storied production studio."
CBS owns the 40-acre CBS Studios Center in Studio City, Calif, which will remain the
company's primary production facility. That campus is home to the
broadcast network, CBS Television Studios and CBS Television
Stations KCBS and KCAL.
The transaction will be tax efficient, is subject to customary
closing conditions, including receipt of regulatory approval, and
is expected to close by early 2019.
Cautionary Statement Concerning Forward-Looking
Statements
This release contains forward-looking statements
within the meaning of section 27A of the Securities Act of
1933 and section 21E of the Securities Exchange Act of 1934.
These forward-looking statements are not based on historical facts,
but rather reflect current expectations concerning future results
and events. Similarly, statements that describe objectives,
plans or goals are or may be forward-looking statements. These
forward-looking statements involve known and unknown risks,
uncertainties and other factors that are difficult to predict and
which may cause the actual results to be different from those
expressed or implied by these forward-looking statements.
These risks, uncertainties and other factors include, among
others: the satisfaction of the conditions to the transaction; the
parties' ability to complete the transaction on the anticipated
terms and schedule, including the ability to obtain regulatory
approval; risks relating to unforeseen liabilities, future capital
expenditures and expenses; the purchaser's ability to operate the
transferred operations successfully after the closing of the
transaction; other domestic and global economic, business and/or
other regulatory factors that may impact the transaction; and other
factors described in CBS' filings with the U.S. Securities and
Exchange Commission including, but not limited to, CBS' most recent
Form 10-K, Form 10-Qs and Form 8-Ks. The forward-looking statements
included herein are made only as of the date of this document and
CBS does not undertake any obligation to publicly update any
forward-looking statements to reflect subsequent events or
circumstances.
About CBS Corporation:
CBS Corporation
(NYSE: CBS.A and CBS) is a mass media company that creates and
distributes industry-leading content across a variety of platforms
to audiences around the world. The Company has businesses with
origins that date back to the dawn of the broadcasting age as well
as new ventures that operate on the leading edge of media. CBS owns
the most-watched television network in the U.S. and one of the
world's largest libraries of entertainment content, making its
brand — "the Eye" — one of the most-recognized in business. The
Company's operations span virtually every field of media and
entertainment, including cable, publishing, local TV, film, and
interactive and socially responsible media. CBS' businesses include
CBS Television Network, The CW (a joint venture between CBS
Corporation and Warner Bros. Entertainment), Network 10 Australia,
CBS Television Studios, CBS Studios International, CBS Television
Distribution, CBS Consumer Products, CBS Home Entertainment, CBS
Interactive, CBS Films, Showtime Networks, CBS Sports Network, Pop
(a joint venture between CBS Corporation and Lionsgate),
Smithsonian Networks, Simon & Schuster, CBS Television
Stations, CBS EcoMedia, and CBS Experiences.
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SOURCE CBS Corporation