In this July 30, 2018, photo the logo for CBS Corporation is displayed above a trading post on the floor of the New York Stock Exchange. CBS says it has sold Television City, its Los Angeles headquarters and production facility, to a real estate developer for about $750 million. (AP Photo/Richard Drew, File)
LOS ANGELES --
CBS says it has sold Television City, its Los Angeles headquarters and production facility, to a real estate developer for $750 million.
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."
Dish Network satellite dishes are shown at an apartment complex in Palo Alto, Calif., Feb. 23, 2011. (AP Photo/Paul Sakuma, File)
DirecTV is calling off its planned acquisition of rival Dish after the offer was rejected by bond holders at that company.
The deal was reliant on Dish bond holders agreeing to trade in the debt they held for debt in the new company, a swap that would have cost them about $1.6 billion, collectively.
The retreat by DirecTV this week may end a years-long effort by the company to acquire both Dish and Sling after it announced the bid in September.
DirecTV was looking to acquire Dish TV and Sling TV from its owner EchoStar in a debt exchange transaction that included a payment of $1, plus the assumption of approximately $9.8 billion in debt. The deal was contingent on several factors, including regulatory approvals and bondholders writing off debt related to Dish.
"While we believed a combination of DirecTV and Dish would have benefited all stakeholders, we have terminated the transaction because the proposed exchange terms were necessary to protect DirecTV's balance sheet and our operational flexibility," DirecTV CEO Bill Morrow said in a statement.
The prospect of a DirecTV-Dish combo has long been rumored, and reported talks resurfaced over the years. And the two almost merged more than two decades ago — but the Federal Communications Commission blocked the deal valued at the time at $18.5 billion deal, citing antitrust concerns.
The pay-for-TV market has shifted significantly since. As more and more consumers tune into online streaming platforms, demand for more traditional satellite entertainment continues to shrink.
DirecTV says that it will continue to invest in next-generation streaming platforms and offer new packaging options while integrating content from live TV alongside direct-to-consumer... Read More
