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ViacomCBS to sell iconic Studio Center for $1.85 billion -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – ViacomCBS Headquarters is shown in New York City, New York on December 5, 2019. REUTERS/Kate Munsch

(Reuters) – ViacomCBS Inc (NASDAQ:) announced on Tuesday it was selling CBS Studio Center in New York City, the location of “Seinfeld”, for almost $1.85billion. The sale came as ViacomCBS sought to find funds to expand its investments into strategic areas, such streaming services.

Hackman Capital Partners LLC, Square Mile Capital Management LLC will purchase the studio that is located in Los Angeles’s highly competitive studio marketplace. More than 1,000,000 square feet of property comprises 22 stages, a studio office, and various other buildings.

ViacomCBS stated in September that they were restructuring Paramount Pictures’ movie and TV production unit in an overall shakeup with the goal of increasing content on their streaming and cable channels.

It is anticipated that the transaction will close in this year’s studio boom as companies rush to produce more content in a streaming-first age.

 

 

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