DIS - ViacomCBS selling historic stages for $1.8 billion - WSJ

CBS (VIAC, VIACA) is selling its historic CBS Studio Center in Los Angeles for $1.8 billion to a pair of real-estate firms, taking advantage of a hot entertainment property market, The Wall Street Journal reports. ViacomCBS is higher premarket (VIAC +0.7%). Hackman Capital Partners and Square Mile Capital Management prevailed over about a dozen suitors, WSJ says, with a bid about $500 million more than CBS had expected going in. Hackman Capital was also in on the 2019 CBS sale of its Television City complex for $750 million. The CBS Studio Center complex, known locally as CBS Radford, has played host to productions dating to the silent picture era and running through TV series including Gilligan's Island, Seinfeld and Brooklyn Nine-Nine. Production space has become a hot commodity in a market fueled by voracious streaming companies - including Netflix (NASDAQ:NFLX), Amazon Prime Video (NASDAQ:AMZN), Apple TV+ (NASDAQ:AAPL), Disney Plus (NYSE:DIS)

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ViacomCBS selling historic stages for $1.8 billion - WSJ