CBS set to sell venerable studios in $700M deal

• CBS is set to sell its iconic Television City production studios to real estate investor Hackman Capital Partners, according to reports.
• Hackman was chosen as the winning bidder in a deal that could top $700M, the Los Angeles Times says.
• CBS would continue to be a tenant for some time if the deal is done; it has contemplated the sale amid a construction boom that is raising pressure for developers, and Television City has acres of surface parking lots that can be converted to other use.