Rarely does a soap change onscreen locales, but now, two soaps may face a future outside of their home at CBS Television City in Hollywood.
The Young and the Restless and The Bold and the Beautiful have called the production facility home since their respective debuts in 1973 and 1987. Now comes word that changes are coming.
CBS Corporation has announced it’s signed an agreement for the sale of the 25-acre property known as CBS Television City with real estate developer Hackman Capital Partners in Los Angeles for $750 million.
Per the agreement, Hackman Capital will have the rights to use the Television City trademark.
The good news is that there’s no immediate change happening. CBS programs currently being produced at TV City will continue to call the facility their home for the next five years.
In addition to Y&R and B&B, The Price is Right, The Late, Late Show with James Corden, and Dancing With the Stars shoot there.
“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, CBS Corporation.
“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.”
“The acquisition of the legendary Television City will add another crown jewel to our portfolio,” said Michael Hackman, CEO of Hackman Capital Partners.
“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.”
It’s too early to say where Y&R and B&B might move if they don’t end up staying indefinitely where they are now. Two options are the Sony Pictures lot in Culver City, Calif. or CBS Studio Center in Studio City.
Ideally, both shows, which currently shoot across the hall from each other, will continue to shoot on the same lot, facilitating production needs when the shows shoot crossovers.