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Netflix Deal for Iconic Studio Lot Stalls
7 Nov
Summary
- Netflix acquisition of Radford Studio Center is delayed.
- The streamer is re-evaluating its Los Angeles studio needs.
- Hackman Capital Partners faced refinancing issues for the lot.
The planned acquisition of the Radford Studio Center by Netflix has been indefinitely postponed, as the streaming giant re-evaluates its long-term studio space needs in Los Angeles. Hudson Pacific CEO Victor Coleman stated that Netflix is currently undecided on closing the transaction, with a decision possibly delayed until later in 2026 or not at all.
Coleman noted that a direct replacement for Netflix's existing offices at Radford does not fit their current footprint. He also mentioned ongoing, productive discussions with Netflix regarding their presence, expressing optimism for a resolution by year-end and the potential for lease extensions beyond 2031.
This development arises months after reports surfaced about Hackman Capital Partners preparing to relinquish ownership of the Radford Studio Center due to failed refinancing talks. Hackman Capital Partners had acquired the lot, formerly known as CBS Studio Center, for $1.85 billion in 2021 and had committed to investing $1 billion in renovations in 2023.
Previously, in August, news emerged of Netflix's interest in purchasing the studio after its previous owners allegedly defaulted on a substantial $1.1 billion mortgage. Reports suggested Netflix was negotiating to acquire the historic property, famous for hosting productions like "Gilligan's Island" and "Seinfeld," at a significantly reduced price compared to its 2021 sale value.
