Television City, a legendary studio lot in central Los Angeles, is expected to be sold over its owners debt in the latest sign of economic stress tearing through Hollywood.
The lot’s owner, Hackman Capital Partners is struggling as production levels hit all-time lows. A group of Hackman’s lenders led by Deutsche Bank is owed more than $357 million, according to the Hollywood Reporter.
The lenders have started the process of selling Television City, described as one of the most desirable locations in LA. Shows ranging from “All in the Family” to “American Idol” have filmed there.
“The studio market is evolving, and the financing environment for studio assets remains complex,” a spokesperson for Hackman said in a statement. “We are engaged in active discussions with our lending partners and are carefully evaluating the most appropriate path forward.”
Hackman bought Television City for $750 million from CBS in 2019.
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Potential buyers reportedly include former mayoral candidate Rick Caruso, who owns the nearby Grove shopping center and was outbid by Hackman last time Television City was up for sale. The Gillmore family, which owns a neighboring farmers market, could also be in contention.
When it purchased Television City, Hackman had planned to operate the sprawling lot as a studio for rent while adding new features such as 980,000 square feet of offices, retail space and more.
However, Southern California’s entertainment industry has taken a serious hit as studios shift filming and other production to other states. The COVID-19 pandemic, strikes by writers and directors in 2023, and financial cutbacks also hurt demand for soundstages.
Already, Hackman is in the process of selling its Manhattan Beach Studios. That property could end up converting to a site for advanced manufacturing, like aerospace or defense.
California politicians have been taking great pains to revive the film industry. California Gov. Gavin Newsom recently announced that the first year of the state’s expanded Film and Television Tax Credit program is on pace to deliver $6.6 billion in economic impact.
