Legendary Television City may be be sold in further blow to Hollywood

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Set us as preferred Television City, one of the most famous studios in the entertainment industry where generations of TV shows have been created, is expected to hit the market again as its owner grapples with debt.It’s the latest sign of distress in Hollywood as the film and TV industry struggles from a sharp falloff in production activity across Southern California.Television City’s owner, Hackman Capital Partners, is already in the process of selling the historic Radford Studio Center, which gave L.A.’s Studio City neighborhood its name.Hackman defaulted on a $1.1-billion mortgage in January and investment bank Goldman Sachs took over the property, which is now escrow for a sale to Netflix.The sprawling Television City property is one of the most desirable locations in Los Angeles, sharing fences with the Original Farmers Market and the luxury Grove outdoor shopping center, each of which attracts millions of visitors every year.If the studio at Beverly Boulevard and Fairfax Avenue where “American Idol,” “All in the Family” and scores of other shows were filmed becomes available as expected, the owners of the Grove and the Farmers Market would be among the likely contenders for the property for potential expansion of their businesses, said sources familiar with the matter who were not authorized to comment.Grove owner Rick Caruso was among the bidders for Television City, formerly known as CBS Television City, last time it was on the market and could emerge as a possible bidder.

The highest bid when broadcaster CBS sold the studio in 2019 came from Hackman Capital Partners, an international movie studio operator and commercial property landlord that paid $750 million for the 25-acre site that is near Hollywood, Beverly Hills and and the Sunset Strip.Hackman Capital’s plan to recoup its investment included con...