Netflix is among the potential buyers for the Radford Studios site in Studio City, according to people familiar with the negotiations.
The streamer’s interest in the land, which was foreclosed on earlier this year, was first reported by political campaign consultant Michael Trujillo on Sunday’s X. Bloomberg confirmed the report on Tuesday, citing three sources familiar with the discussions.
Although no deal has been finalized, Netflix is believed to be a strong candidate to acquire the property.
Hackman Capital Partners purchased the property from ViacomCBS (as it was then called) in 2021 for $1.85 billion. But occupancy has since fallen dramatically while interest rates have skyrocketed, forcing the company to default on $1.1 billion in notes and ultimately hand over the land to its largest lender, Goldman Sachs.
Trujillo put the sale price at about $400 million and said he had heard rumors about the sale from brokers and city hall.
Mr. Hackman will continue to manage the property, and Mr. Goldman is looking for a buyer. Both companies declined to comment. Netflix also declined to comment.
The 55-acre site was first constructed in 1928 and is overdue for renovations. Hackman announced plans to spend $1 billion on the property in 2023, but those plans have been put on hold.
Netflix has committed to building a $1 billion studio at Fort Monmouth, a former Army base in New Jersey. The streamer is eligible for a 40% state subsidy for productions filmed at the studio, and has also been approved for up to $397 million in tax credits for the redevelopment of the 292-acre parcel.
Netflix has a similar deal with New Mexico, where it acquired ABQ Studios in 2018 and invested heavily to expand its operations. The state offers 25% to 35% uncapped tax breaks to “production partners” like Netflix that make long-term commitments to production infrastructure.
Hackman, the world’s largest independent studio owner, also owns Culver Studios, Television City, and other studios in Los Angeles, New York, England, Vancouver, and New Orleans.
