CBS sells Television City for $750M to LA developer

Economic IndicatorsAssociated Press

CBS says it has sold Television City, its Los Angeles headquarters and production facility, to a real estate developer for $750 million.

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Shows on Television City sound stages include "The Late Late Show with James Corden" and "The Price is Right." They will continue to be based there for at least five more years.

CBS said Monday that the buyer is Hackman Capital Partners and that it will have the right to use the Television City name in connection with its future operations on the property.

The media giant says the sale will increase its "financial flexibility."

CBS purchased the property in 1950 when it expanded operations from New York to the West Coast.

Shows produced there include "All In The Family," ''Three's Company," and "America's Got Talent."