Historic Radford Studio Center in default amid Hollywood slowdown

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Radford Studio Center, the famous movie studio that inspired the name of Studio City, is facing financial problems and is likely to be taken over by its lenders. This comes as film and television production slows down across the entertainment industry.

The Los Angeles studio lot, previously called CBS Studio Center, has been the production location for many iconic TV shows over the years, like “Gunsmoke” and “Seinfeld.”

Hackman Capital Partners, a major independent studio operator, has failed to pay back a $1.1 billion loan. Now, Goldman Sachs is leading an effort to take control of the property, as first reported by Bloomberg.

Mack Sennett, a famous comedian from the silent film era, established the studio lot in 1928. After World War II, it earned the nickname “Hit City” because it became home to many successful television shows, including classics like “Leave It to Beaver,” “Gilligan’s Island,” “The Mary Tyler Moore Show,” “The Bob Newhart Show,” and “Will & Grace.”

As a huge cinema fan, I was really interested to hear about the sale of the iconic Radford Avenue studio lot back in 2021. Apparently, Hackman Capital Partners and Square Mile Capital Management won a pretty intense bidding war with a massive $1.85 billion offer to buy it from ViacomCBS. Everyone in the TV industry loves that 55-acre lot, so it was a big deal!

Hollywood Inc.

Hackman Capital Partners has agreed to purchase the CBS Radford studio lot, which has hosted famous shows like “Seinfeld,” “The Mary Tyler Moore Show,” and “Parks and Recreation.”

The high cost highlighted how valuable and limited soundstages were in Los Angeles, as film and TV companies rushed to find places to shoot content for their streaming platforms. This deal was one of the biggest real estate transactions ever for a TV studio in the city.

Things haven’t been easy for filming in L.A. lately. We’ve seen a big drop in production as shows and movies are being filmed elsewhere, in other states and even other countries. The pandemic really hurt us, and then the strikes last year by writers and actors just made things worse. Plus, the big studios, after spending a lot on streaming shows, are now cutting back, which means even less filming is happening here in Southern California. It’s a tough time, and we’re working hard to bring production back home.

Filming in 2025 saw a significant decrease, with total shoot days down 16.1% from the year before, a new report shows. This drop in production has resulted in many Hollywood professionals being out of work for extended periods, sometimes for months or even years.

Hollywood Inc.

Even though California increased funding for its film and television production incentives last year, it will probably take a while for those funded projects to noticeably change the statistics.

As a big fan of what gets filmed here, I was looking at the numbers, and it’s interesting! Last year, there were 19,694 days of filming in the Greater L.A. area – that was the slowest pace since 2020. But things really picked up this year! We’re already at 23,480 shoot days, so it’s definitely a busier time for local productions.

FilmLA spokesperson Philip Sokoloski acknowledged the year-end results were lower than hoped, but said they were anticipated. He added that many projects approved for financial incentives are still scheduled to start filming, which should improve future numbers.

California offers financial benefits to filmmakers through its updated film and television tax credit program. State lawmakers approved the program last year, and Governor Gavin Newsom signed it into law. The program’s funding has been increased to $750 million, up from a previous limit of $330 million.

According to Hackman Capital spokesperson Nathan Miller, they are still working with the lenders involved with the Radford property to find a solution. He acknowledged that the current environment is difficult for all companies that supply or operate independent studios in the United States.

Miller explained that the company is in a strong financial position, with significant capital reserves and half of its assets owned outright, free of debt. They also benefit from a global presence, as 55% of their studios are located outside of the United States, which will help them weather current challenges.

Among its 19 properties are studios in England, Ireland, Scotland and Canada.

One of the main financial issues for Radford Studios involves MBS Group, a company that provides lighting and support for film and TV shoots. MBS Group was bought by Hackman Capital in 2019, but recently separated from the company while still overseeing many of Hackman’s properties, including Radford itself.

According to Bloomberg, Hackman stated in a December letter to investors that MBS had blocked their attempts to refinance the loan, leading them to hand the property back to the lenders.

According to a letter from Hackman, MBS proposed changes to the Radford equipment rental agreement that would negatively impact the financial benefits of the loan restructuring.

Hackman is considered Hollywood’s largest landlord.

In 2019, Hackman Capital bought Television City in Los Angeles – a large, 25-acre studio complex next to the Original Farmers Market and the Grove – for $750 million. This was CBS’s other major Los Angeles property.

Hackman Capital is the owner of both Manhattan Beach Studios and the famous Culver Studios in Culver City – a historic lot where classic films like “Gone With the Wind,” “Rebecca,” and “E.T.” were made. Today, Amazon Studios calls Culver Studios home.

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2026-01-21 00:02