{"id":394638,"date":"2026-07-11T10:52:09","date_gmt":"2026-07-11T10:52:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ca\/394638\/"},"modified":"2026-07-11T10:52:09","modified_gmt":"2026-07-11T10:52:09","slug":"legendary-television-city-may-be-be-sold-in-further-blow-to-hollywood","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ca\/394638\/","title":{"rendered":"Legendary Television City may be be sold in further blow to Hollywood"},"content":{"rendered":"\n

Television City, one of the most famous studios in the entertainment industry where generations of TV shows have been created, is expected to hit the market again as its owner grapples with debt.<\/p>\n

It\u2019s the latest sign of distress in Hollywood as the film and TV industry struggles from a sharp falloff in production activity across Southern California.<\/p>\n

Television City\u2019s owner, Hackman Capital Partners, is already in the process of selling<\/a> the historic Radford Studio Center, which gave L.A.\u2019s Studio City neighborhood its name. Hackman defaulted on a $1.1-billion mortgage in January and investment bank Goldman Sachs took over the property, which is now escrow for a sale to Netflix.<\/p>\n

The sprawling Television City property is one of the most desirable locations in Los Angeles, sharing fences with the Original Farmers Market and the luxury Grove outdoor shopping center, each of which attracts millions of visitors every year.<\/p>\n

If the studio at Beverly Boulevard and Fairfax Avenue where \u201cAmerican Idol,\u201d \u201cAll in the Family\u201d and scores of other shows were filmed becomes available as expected, the owners of the Grove and the Farmers Market would be among the likely contenders for the property for potential expansion of their businesses, said sources familiar with the matter who were not authorized to comment.<\/p>\n

Grove owner Rick Caruso was among the bidders for Television City, formerly known as CBS Television City, last time it was on the market and could emerge as a possible bidder. <\/p>\n

The highest bid when broadcaster CBS sold the studio<\/a> in 2019 came from Hackman Capital Partners, an international movie studio operator and commercial property landlord that paid $750 million for the 25-acre site that is near Hollywood, Beverly Hills and and the Sunset Strip.<\/p>\n

Hackman Capital\u2019s plan to recoup its investment included continuing to operate Television City as a studio for rent while adding new revenue-generating features. <\/p>\n

Last year the city approved<\/a> Hackman Capital\u2019s $1-billion plan to add 980,000 square feet of offices, sound stages, production facilities and retail space.<\/p>\n

The original studio designed by famed Los Angeles architect William Pereira erected in 1952 has city landmark protections, but newer structures on the property do not and there are acres of surface parking that could be converted to other uses.<\/p>\n

Both Caruso and Farmers Market owners A.F. Gilmore have sued to limit the planned expansion of the studio, calling it a \u201cmassively scaled\u201d development that \u201cwould overwhelm, disrupt, and forever transform the community.\u201d <\/p>\n

The debate over the development has played out amid a serious downturn in the region\u2019s entertainment industry, with studios shifting film and television production to Georgia, New Mexico and other out-of-state locations. <\/p>\n

L.A.\u2019s entertainment industry also suffered a series of blows including the COVID-19 shutdown, strikes by writers and directors in 2023 and cutbacks at studios that reduced demand for sound stages.<\/p>\n

A group of Hackman Capital\u2019s lenders led by Deutsche Bank filed a notice of default last month, saying they\u2019re owed more than $357 million. Hackman Capital is still trying to renegotiate its debt.<\/p>\n

\u201cThe studio market is evolving, and the financing environment for studio assets remains complex,\u201d Chief Executive Michael Hackman said in a statement. \u201cWe are engaged in active discussions with our lending partners and are carefully evaluating all of the alternatives.\u201d<\/p>\n

A person familiar with the process but not authorized to speak about it publicly said Hackman Capital will be hard-pressed to pay its debt in light of challenges facing the industry. The notice of default is \u201cthe baby step to put Television City in play\u201d for new buyers, the source said, \u201cand it is in play.\u201d<\/p>\n

Already in play is Manhattan Beach Studios, another Hackman Capital property encumbered by a $240-million loan from Deutsche Bank that the lender is in the process of selling. A buyer could foreclose on the property and potentially change its use to advanced manufacturing such as aerospace or defense, which is in high demand in Southern California.<\/p>\n

Brokerage Cushman & Wakefield, which is managing the sale, emphasized in marketing materials that the 22-acre site has \u201csignificant available power capacity\u201d and \u201coffers flexible uses\u201d on \u201csome of the most irreplaceable underlying land in the South Bay.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Television City, one of the most famous studios in the entertainment industry where generations of TV shows have…\n","protected":false},"author":2,"featured_media":394639,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[13991,26596,158676,158677,130130,1743,48,52,51,158675,47,50,49,49141,1831,3238,5968,7215,158678,1009,72],"class_list":["post-394638","post","type-post","status-publish","format-standard","has-post-thumbnail","category-los-angeles","tag-debt","tag-entertainment-industry","tag-famous-studio","tag-further-blow","tag-hackman-capital-partners","tag-hollywood","tag-la","tag-la-headlines","tag-la-news","tag-legendary-television-city","tag-los-angeles","tag-los-angeles-headlines","tag-los-angeles-news","tag-original-farmers-market","tag-owner","tag-play","tag-process","tag-property","tag-sound-stage","tag-southern-california","tag-year"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/394638","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=394638"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/394638\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/394639"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=394638"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=394638"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=394638"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}