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ViacomCBS Nears Sale Of Los Angeles Studio In Drive To Divest Non-Core Assets

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  • ViacomCBS Inc (NASDAQ: VIAC) is nearing a sale of its historic CBS Studio Center lot in Los Angeles dubbed the “Radford Lot,” the home of popular TV shows, New York Post reports.

  • Final bids are in for the massive collection of soundstages with Hackman Capital Partners as a leading contender.

  • Earlier this year, Hackman scooped up Sony Pictures Entertainment’s 182,000 square-foot animation campus in Culver City for around $160 million.

  • CBS put its 38-acre campus for sale at auction in late August, as the network sells off non-core assets to invest more heavily in creating shows and movies for burgeoning streaming platforms.

  • The sale will likely be quick as the pandemic is driving demand for shows and movies, leading to a crisis of production studio space in Los Angeles.

  • ViacomCBS sold CBS’ original Midtown Manhattan corporate headquarters, called “Black Rock,” to real estate investment firm Harbor Group International for $760 million in mid-August.

  • Price Action: VIAC shares closed lower by 1.41% at $37.08 on Tuesday.

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