Business

CBS Sells Television City For $750M To LA Developer

December 11, 2018 / 2:21 PM EST / CBS Detroit

LOS ANGELES (AP) — CBS says it has sold Television City, its Los Angeles headquarters and production facility, to a real estate developer for $750 million.

LOS ANGELES, CA - MARCH 06: Actor/host James Corden puts up his own billboard for CBS Television Network's "The Late Late Show" on March 6, 2015 in Los Angeles, California. (Photo by Alberto E. Rodriguez/Getty Images)

Shows on Television City sound stages include "The Late Late Show with James Corden" and "The Price is Right." They will continue to be based there for at least five more years.

LOS ANGELES - FEBRUARY 12: Host Drew Carey speaks during "The Price is Right" Million Dollar spectacular taping at CBS Television City February 12, 2008 in Los Angeles, California. (Photo by Frederick M. Brown/Getty Images)

CBS said Monday that the buyer is Hackman Capital Partners and that it will have the right to use the Television City name in connection with its future operations on the property.

The media giant says the sale will increase its "financial flexibility."

LOS ANGELES - JUNE 9: A general view during the taping of the 34th season premiere of "The Price is Right" at CBS Television City on June 9, 2005 in Los Angeles, CA. (Photo by Lumeimages/Getty Images).

CBS purchased the property in 1950 when it expanded operations from New York to the West Coast.

Shows produced there include "All In The Family," ''Three's Company," and "America's Got Talent."

Los Angeles