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ViacomCBS Sells Black Rock

If it's like the current arrangement at Television City between CBS and Hackman Capital, then it's very likely that CBS' current operations in Studio City will stay right there are for the time being. Oddly enough, the pre re-merger Viacom re-located the West Coast offices of their cable networks to Columbia Square in 2014, but the rest of property is largely now residential and retail space these days.

I can't see CBS moving the locals back to Columbia Square (for the reasons I just mentioned), or even the Paramount lot (5515 Melrose is currently extra office space for Paramount Pictures and their studio tour), especially given how much money was invested building the KCBS/KCAL facility back in 2007.
 
Mikey Radio said:
Anyone know why CBS is selling off so many of their once storied properties? First Television City, then its Black Rock headquarters in NYC and now Studio City. That's a lot of property they've been divesting themselves of!
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Here's what they say:

ViacomCBS CFO Naveen Chopra said the sale was prompted by a review of non-core assets since the company completed its re-merger in December 2019. “The use of proceeds from this transaction will remain consistent with our previously discussed capital allocation strategy, allowing us further financial flexibility to invest in our strategic growth priorities, including streaming,” Chopra said in a statement at the time.
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It's not unlike all the radio companies selling their tower properties. Real estate is taxable, and rental expense is tax deductible.
 
ShawnHill1 said:
If it's like the current arrangement at Television City between CBS and Hackman Capital, then it's very likely that CBS' current operations in Studio City will stay right there are for the time being. Oddly enough, the pre re-merger Viacom re-located the West Coast offices of their cable networks to Columbia Square in 2014, but the rest of property is largely now residential and retail space these days.

I can't see CBS moving the locals back to Columbia Square (for the reasons I just mentioned), or even the Paramount lot (5515 Melrose is currently extra office space for Paramount Pictures and their studio tour), especially given how much money was invested building the KCBS/KCAL facility back in 2007.
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The former KCBS-TV, KNXT-TV, KNX-AM offices on Columbia Square is now the offices of Neuehouse Los Angeles division.
 
The question I have is with the sale of all this real estate, does this make them in a better position to buy something big, or is this in preparation for the Redstones to sell their stake to someone else?
 
TheBigA said:
The question I have is with the sale of all this real estate, does this make them in a better position to buy something big, or is this in preparation for the Redstones to sell their stake to someone else?
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Are they buying or paying down debt. What big thing could they buy that fits with their goals. Discovery is off the table.
 
Don CT said:
Are they buying or paying down debt. What big thing could they buy that fits with their goals. Discovery is off the table.
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They claim to be paying down debt related to the merger of Viacom & CBS. But if you notice all of the property they're selling is former CBS property. None of the Viacom buildings have been sold. So something is going on.
 
TheBigA said:
They claim to be paying down debt related to the merger of Viacom & CBS. But if you notice all of the property they're selling is former CBS property. None of the Viacom buildings have been sold. So something is going on.
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They are moving everything into the Viacom properties by the looks of it.
 

That makes it a homecoming of sorts. Built in 1938, Columbia Square is where CBS’ TV network offices were originally located, until Television City opened. Now, CBS staffs — which had been spread apart between TV City and Radford — will be reunited, right next to the network’s original L.A. home.

ViacomCBS isn’t completely out of real estate; it, of course, still owns the Paramount lot on Melrose, and it’s hard to imagine the company getting rid of that. In a memo to staff, CBS president-CEO George Cheeks says the sales are a necessary part of using those proceeds for “more best-in-class content.” Among the priorities for that: streaming.
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