CBS Sells Historic Television City

CBS Corpporation said Monday that it has sold its iconic Television City headquarters, and active sound stages for $750 million to Los Angeles-based real estate developer Hackman Capital Partners.

The sale, which was expected, will give the buyer the right to use the Television City name in connection with its future operations on the property. But shows that are produced at Television City, including CBS’ “The Late Late Show with James Corden,” “The Price is Right” and “The Young and the Restless,” will continue to be based there.

CBS, in an announcement, also said it would retain office space because its studios’ headquarters for its international operations are on the site.

Television City has played an important role in CBS' history — and in American pop culture. The broadcasting company decided in 1950 to relocate much of its entertainment operations to Los Angeles from New York. Its move west helped establish an enduring part of Los Angeles' identity and its economy: television production.

CBS purchased the property at Fairfax Avenue and Beverly Boulevard in 1950. CBS needed more space — facilities that could accommodate live production and studio audiences — than its Columbia Square complex on Sunset Boulevard could provide. So it spent a reported $7 million to build the futuristic complex with its mid-century design by noted architect William Pereira.