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ViacomCBS Agrees To Sell CBS Studio Center For About $1.85 Bln - Quick Facts

ViacomCBS Inc. (VIAC,VIACA) announced Tuesday it has entered into a definitive agreement to sell CBS Studio Center and its associated operating business to a partnership formed by Hackman Capital Partners, LLC and Square Mile Capital Management, LLC for approximately $1.85 billion.

The transaction is the result of a widely marketed sale process, which attracted interest from a number of buyers, reflecting the value of CBS Studio Center as a best-in-class studio lot in the highly competitive Los Angeles studio marketplace.

The property sits on a 55-gross-acre site in Studio City and consists of over 1 million square feet of space, including 22 stages, production office and support buildings, third-party tenant offices, a purpose-built broadcast center and filmable backlot locations.

ViacomCBS said the sale is part of an ongoing optimization of ViacomCBS' real estate and operations portfolio and will allow the company to re-deploy capital to strategic growth priorities, including streaming.

The transaction is expected to close in 2021, subject to customary closing conditions, including regulatory approval. At closing, CBS Broadcasting Inc. will enter into a long-term lease-back of the Broadcast Center, which is home to television stations CBS 2 and KCAL 9.

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