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

Key Points:

• Television City, a historic Los Angeles studio known for iconic TV shows, is expected to be put on the market again as its owner, Hackman Capital Partners, faces significant debt challenges amid a downturn in the local entertainment industry.
• Hackman Capital defaulted on a $1.1-billion mortgage earlier this year, leading to a takeover of another property, Radford Studio Center, by Goldman Sachs, which is now selling it to Netflix; a similar fate may await Television City.
• The 25-acre Television City site, located near popular destinations like the Original Farmers Market and the Grove, could attract bids from neighboring business owners such as Grove owner Rick Caruso and A.F. Gilmore, who have previously opposed Hackman’s expansion plans.
• Hackman Capital had planned a $1-billion development to add office, production, and retail space to Television City, but opposition from local stakeholders and a decline in film and TV production in Southern California have complicated these efforts.
• Hackman Capital is negotiating with lenders after a $357-million default notice from Deutsche Bank, with industry insiders suggesting the studio's sale is imminent; meanwhile, another Hackman property, Manhattan Beach Studios, is also being sold under debt pressure.