U.S.-based real estate investment trust Hackman Capital Partners intends to pay $750 million for mass media company CBS Corporation’s iconic 25-acre TV City property and soundstage operation.
Under the pact, Hackman Capital will acquire the rights to use the TV City trademark in connection with its operations. CBS programs will continue to be produced on the TV City campus for at least the next five years.
CBS said that the divestment of TV City increases its financial flexibility, including the ability to invest in additional content.
Subjected to customary closing conditions, the deal is expected to close by early 2019.