Netflix plans to buy historic Radford Studio Center

This is read by an automated voice.Please report any issues or inconsistencies here.

Streaming entertainment giant Netflix is in negotiations to buy the historic Radford Studio Center lot in Studio City.Netflix plans to purchase the Los Angeles studio that has been home to generations of landmark television shows, including “Gunsmoke” and “Seinfeld,” according to two people with knowledge of the pending deal who were not authorized to speak about it publicly.Business Hackman Capital Partners has defaulted on a $1.1-billion mortgage for Radford Studio Center.

Investment bank Goldman is leading a takeover of the historic property.The studio’s previous operator, Hackman Capital Partners, defaulted on a $1.1-billion mortgage in January.Investment bank Goldman Sachs took over the property and is in talks with Netflix to sell it for between $330 million and $400 million.Representatives for Hackman and Netflix declined to comment on the planned sale.Culver City-based Hackman Capital Partners and Square Mile Capital Management teamed up to buy the Radford Avenue property from ViacomCBS in 2021 with a winning bid of $1.85 billion, after a competitive battle for the 55-acre studio beloved by the television industry.At the time, the staggering price tag underscored the value — and scarcity — of TV soundstages in Los Angeles as content producers scrambled for space to shoot TV shows and movies to stock their streaming services.

It was one of the largest-ever real estate transactions for a TV studio complex in Los Angeles.Since then, production has substantially declined in Southern California.L.A.

continues to battle the loss of production to other states and countries, as well as the lingering effects on the industry of the pandemic and the 2023 dual writers’ and actors’ strikes.Cutbacks in spending at the major studios after a surge in streaming-fueled TV production have further damped film activity in the region.Founded by silent film comedy legend...