ViacomCBS Selling Studio Complex, With Money to Go Toward Streaming

ViacomCBS will sell its 55-acre Los Angeles studio facility, CBS Studio Center, and associated business to a partnership formed by Hackman Capital Partners and Square Mile Capital Management for about $1.85 billion, said ViacomCBS Tuesday. The proceeds will go to growth priorities such as streaming, it said, saying it will enter a long-term leaseback of a broadcast facility there. It said the deal is expected to close by year's end.