Netflix plans to buy historic Radford Studio Center
Los Angeles Times • • entertainment
Key Points:
- Netflix is negotiating to purchase the historic Radford Studio Center lot in Studio City, Los Angeles, known for housing landmark TV shows like "Gunsmoke" and "Seinfeld."
- The studio's previous operator, Hackman Capital Partners, defaulted on a $1.1 billion mortgage, leading investment bank Goldman Sachs to take over and offer the property to Netflix for $330 million to $400 million.
- Hackman and Square Mile Capital Management bought the 55-acre lot from ViacomCBS in 2021 for $1.85 billion, highlighting the high demand and scarcity of TV soundstages in Los Angeles at the time.
- Production in Southern California has declined due to competition from other regions, pandemic effects, and industry strikes, impacting film activity despite the lot's historic significance.
- Netflix, with over 325 million subscribers and a market cap around $455 billion, operates production facilities globally and aims to expand its footprint in Los Angeles through this potential acquisition.
