Netflix Eyeing Hollywood Studio Buy

0:00It's April 22nd. Welcome to California News Today, powered by AI. Netflix is eyeing a big move into Hollywood real estate, negotiating to snag the Radford Studio Center in Studio City for over $300 million. That's a steal compared to its $1,850 million sale back in 2021. The log guy repossessed, after owner-hackman capital partners, defaulted on $1,100 million dollars in debt, with Goldman Sachs stepping in to take control. Earlier this year, Netflix bowed out of bidding on Warner Brothers' discoveries bigger lot, but now there's zero to end on this historic spot. Raffer has been a TV powerhouse, cranking out classics like Gunsmoke, Gilligan's Island, and Seinfeld. Netflix aims to pull all this production under one roof, ditching least spaces from Hudson Pacific properties. The L.A. Studio scenes hurting bad from skyrocketing interest rates and those 2023 strikes by writers and actors. Soundstage occupancy dipped to 62% last year, slamming non-studio landlords like Hackman

1:04the hardest as big players hoard their own. Space. Netflix is flush with cash, $12.3 billion on hand, after pocketing a $2.8 billion breakup fee from the Paramount. Deal. They're already building a $1 billion production hub in Fort Monmouth, New Jersey, marking their shift from renter to owner. Hackman's facing more heat, with Deutsche Bank suing over their Kaufman Astoria Studios in New York. As talks continue, and no deals locked yet, this could reshape Netflix's West Coast footprint while the market shakes out.