ViacomCBS to sell iconic Studio Center for $1.85 bln

Paramount Global

30/11/2021 15:01

Nov 30 (Reuters) - ViacomCBS Inc  VIAC.O ,  VIACA.O  said on
Tuesday it would sell CBS Studio Center, where the iconic sitcom
"Seinfeld" was shot, for nearly $1.85 billion, as it looks to
raise funds to invest in strategic areas including streaming
services. 
    The company will sell the studio located in the highly
competitive Los Angeles studio marketplace to Hackman Capital
Partners LLC and Square Mile Capital Management LLC. The more
than 1 million square feet property includes 22 stages, a
production office and other buildings.    
    ViacomCBS said in September it was restructuring the
operations of Paramount Pictures' movie and television
production unit, in a broader shakeup aimed at ramping up
content on its cable and streaming services.  urn:newsml:reuters.com:*:nL4N2QF3GG    
    The transaction, expected to close this year, comes amid a
boom in the studio sector as media companies race to ramp up
content production in a streaming-first world.


 (Reporting by Tiyashi Datta and Chavi Mehta in Bengaluru;
Editing by Vinay Dwivedi)
 ((tiyashi.datta@thomsonreuters.com;))