Deadline is reporting that CBS has sold its iconic Television City production studios to Hackman Capital for $750 million dollars. CBS' Acting CEO Joseph Ianniello stated,
The sale of Television City unlocks significant value, increasing CBS’ financial flexibility, including the ability to redeploy capital for strategic growth initiatives such as additional content investment.
Television City is currently the filming location for The Late Late Show with James Cordon, along with CBS daytime staples The Price is Right, The Young and the Restless, and The Bold and the Beautiful.
Under the terms of the contract, Y&R and B&B will be able to continue filming at their current location for “at least five years.” At this point, CBS has not indicated if the sale of their production facility will have any short or long term impact on its daytime lineup.
CBS Studios Center in nearby Studio City will remain their main production hub.