The Young and the Restless and The Bold and the Beautiful are two out of the four remaining network soap operas that have survived decades of changes in technology, culture and viewer habits. But the CBS Daytime soap operas may be heading for one of the most unusual changes yet: CBS Corp. has agreed to sell the historic Television City studio facilities where both soaps tape, meaning a big move may be in store for the shows in the future.
Soap Central first reported CBS's intention to sell back in October, and now Deadline reports that the company has reached a definitive agreement to hand over its iconic 25-acre CBS Television City property and sound stage operation to Los Angeles real estate developer Hackman Capital Partners for $750 million.
The good news is that production of both Y&R and B&B -- as well as CBS's The Late Late Show with James Corden and The Price Is Right -- will continue taping on the Television City campus for at least the next five years. However, what the future holds beyond that point remains unclear.
CBS owns the 40-acre CBS Studios Center in Studio City, California, which will remain the company's primary production facility. If Y&R and B&B must eventually vacate Television City, it seems likely they'd join the other CBS series that call the Studio City facilities home.
"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," said Joseph Ianniello, president and acting CEO of CBS. "At the same time, we will be transitioning this venerable site to a new owner who is committed to its legacy as both a cultural landmark and modern production facility. Hackman Capital has demonstrated terrific stewardship of classic properties, including their development of the landmark Culver Studios."
Says Hackman Capital Partners CEO Michael Hackman: "The acquisition of the legendary Television City will add another crown jewel to our portfolio. We have had great success modernizing and transforming real estate into state-of-the art facilities for notable media, entertainment and content creation companies. With a tremendous operations team already in place, we envision an exciting future for this storied production studio."
The transaction, which is subject to regulatory approval, is expected to close by early next year.
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