LOS ANGELES (CNS) - Looking to shed “non-core assets like real estate,'' ViacomCBS is reportedly exploring the sale of CBS Studio Center in Studio City.
The 38-acre site on Radford Avenue, off Ventura Boulevard, is the second showcase property in a week that the corporation has reportedly put on the block. Last week, the corporation announced it was selling its skyscraper New York City headquarters known as “Black Rock'' for $760 million.
“ViacomCBS has hired the commercial real estate firm JLL to explore a potential sale of our Radford campus in Studio City,'' CBS Chief Executive George Cheeks said Monday in a staff email, according to the Los Angeles Times.
The newspaper quoted Cheeks as saying the potential sale “aligns with our strategy to divest non-core assets like real estate and direct that value to priorities such as creating more of our best-in-class content.''
The Radford property has been home to numerous TV shows over the years, including “Seinfeld,'' “The Mary Tyler Moore Show'' and “Gilligan's Island.'' It is currently home to local stations KCBS-2 and KCAL-9.
Radford has been the West Coast headquarters of CBS since 2008, when the company relocated there from its Television City location on Fairfax Avenue. The company sold Television City for $750 million three years ago.
With demand for sound stages at a premium, the Radford property would figure to draw a significant price if sold. It boasts 18 sound stages as well as some 210,000 square feet of office space, according to the report.
ViacomCBS still owns the Paramount Pictures lot on Melrose Avenue.
“I know even the possibility of a sale raises lots of questions, especially for those who work at Radford,'' Cheeks wrote, according to the Times.
“I can tell you that regardless of whether Radford is sold, we will ensure we have the studio capacity to support our leading broadcast and production businesses. Beyond that, until we have more definitive information, there isn't much we can say at this point in the process.''
The Studio City area got its name from the presence of the lot, which was originally established by legendary silent film producer Mack Sennett in 1927.
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