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CBS Sells Television City; Y&R and B&B To Remain On Property For At Least Next Five Years

Courtesy/CBS

As it has been in the works for awhile,and  on Monday news broke that the CBS Corporation reached an agreement to sell its 25-acre CBS Television City property including its soundstage operations, to real estate developer Hackman Capital Partners for $750 million.

Hackman Capital also acquired the rights to use the Television City trademark.  The deal is expected to close by early 2019 on the historic property.

So what does this mean for your CBS soaps? Well, they aren’t losing their digs for quite some time!

According to the Hollywood Reporter, “CBS said that a handful of programs that film at Television City, including The Late Late Show With James Corden, The Young and the Restless, The Bold and the Beautiful and The Price Is Right, will continue being produced on the property for at least the next five years.”

In a statement Joseph Ianniello, president and acting CEO of CBS Corporation said “The sale of Television City unlocks significant value, increasing CBS’ financial flexibility, including the ability to redeploy capital for strategic growth initiatives such as additional content investment. At the same time, we will be transitioning this venerable site to a new owner who is committed to its legacy as both a cultural landmark and modern production facility. Hackman Capital has demonstrated terrific stewardship of classic properties, including their development of the landmark Culver Studios.”

So what do you think of the CBS selling TV City? Share your thoughts via the comment section below.

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Joe
Joe

After five years, then what? They’ll either move the shows to a new location, or cancel them. I guess we’ll just have to wait and see.

Tony
Tony

Cancel B&B, same repeated storylines. Bring back As The World Turns.

Momo
Momo

I don’t understand the reasoning behind doing it. The shows have to film somewhere.

Barbara from Atlanta
Barbara from Atlanta

I don’t live in Los Angeles but, having visited, I think I understand it. Television City seems to be in a prime real estate location in the middle of town. Nearby is the Farmer’s Market and an upscale retail/entertainment complex called the Grove. I think real estate in Los Angeles is unusually expensive and, given the size of Television City and it being in a desirable part of Los Angeles, the prospect of purchasing the lot surely would interest a developer.

There really is no reason that a television studio would need to be sited on such valuable property: Would the viewers really care if a show was filmed there or in a studio located on relatively less expensive property (say as in Pasadena)? Heck, if there was consistency in the sets, the viewers wouldn’t even notice. (I sure didn’t notice a visual difference when ATWT quit filming in the middle of Manhattan and moved to a studio in Brooklyn).

In addition to Y&R and B&B, I’m guessing that The Price is Right, The Late Late Show, and The Talk are all filmed in Television City. I’m not optimistic about the future of daytime serials but the mere selling of this property doesn’t automatically suggest to me that CBS will ax Y&R and B&Ba at the end of the 5-year post-sale period. (However, it certainly is plausible that the cost of moving the production of these shows might weight into that decision — especially if the ratings continue to dwindle).

Steve Ward
Steve Ward

The soaps, Price is Right, Dancing with the Stars (an ABC show) all lease space from CBS. CBS does not give them the studio just because the show airs on CBS. When each show’s contract is up, the shows will decide whether to stay at TV City or move to another studio such as Burbank where Days is taped. NBC sold its Burbank studios years ago. It, too, is owned by a Real Estate conglomerate. CBS needs the money for use elsewhere. CBS has Studio City where it’s local TV stations are located and other production facilities. This change will not affect Y&R or B&B.

Steve
Steve

I wouldn’t worry too much about the shows being impacted. Even after 5 years, development is likely to occur on the parking lot and back area that houses prep facilities.

Although it owned by CBS, Television City is also the home non-CBS shows like Dancing with the Stars and American Idol.

Breaking News

Josh Reims Is ‘Dynasty’s’ New Showrunner

Some changes behind the scenes for CW’s Dynasty as it enters its upcoming 3rd season.

According to Deadline. Sallie Patrick, who developed the reboot of the primetime soap with Josh Schwartz and Stephanie Savage, has stepped down as the series showrunner.

In her place will be Josh Reims, who joined Dynasty as co-executive producer at the start of season 2.

Reims, has major primetime soap cred.  He served as executive producer on ABC’s Mistresses and Dirty Sexy Money and as consulting producer on ABC’s Brothers & Sisters and the CW’s Jane the Virgin.

Patrick, will remain an EP of Dynasty, but will now focus on development for CBS Studios.  She posted a message on her Instagram about moving on, noting: “While I’m excited to move on to my next challenge, it’s of course hard to part with a world I put so much love into, from first pitch to this 44th ep, but I’m so pleased with the team carrying it forward.”

So, what do you think about Josh Reims being named the new showrunner for Dynasty season three? Comment below

 

 

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THURSDAY: E! News Daytime Drama Deep Dive Visits DAYS, GH, and Y&R

Mark your calendars for a very special segment on the soaps, when E! News delivers their Daytime Drama deep dive on Thursday, May 23 hosted by Giuliana Rancic and Jason Kennedy at 7pm-8pm ET/PT on cable’s E!

Look for set visits, interviews, retro clips, and more with some of the most famous and enduring characters in the genre.  Here’s just a sample of what to watch for:

When E! News visit the set of Y&R, Eric Braeden recounts the time Victor was feeding his wife Julia’s lover trapped in the basement dead rat; while Tracey Bregman (Lauren) reflects on why the viewers love the relationships and families in Genoa City.

In Salem and Days of our Lives, E! chats with series staples: Kristian Alfonso (Hope), then Deidre Hall (Marlena) and Drake Hogestyn (John).  Deidre reveals “possession will be on my tombstone” in terms of Marlena’s most infamous story of all-time when the good doc was possessed by Satan, while the beloved duo discuss why daytime is the best job to have.  Alfonso talks on the history of her character sharing: “I am going to hold near and dear to my heart the beginnings of Hope. And the adventure and the romance of Bo and Hope”.

Courtesy/E!

From the set of General Hospital new interviews are featured with: Laura Wright (Carly), Steve Burton (Jason) and Kristina Wagner (Felicia), plus Casting Director Mark Teschner remembers Meghan Markle’s acting debut on the ABC daytime drama series.

Teschner remembers: “Meghan Markle actually had her first speaking role in television on General Hospital.  She worked on the show in the background as a nurse, and we brought her up to read her to see if there was something there.”

Steve Burton chats on the craziest story he has ever played as Jason Morgan, revealing, “The one that always pops into my head is we had to go catch a monkey that had a virus, and I said to Laura (Wright) I think this is probably the end of my career today.”

The E! News special segment will show nostalgic clips from all the daytime dramas, including Luke and Laura’s wedding on GH, Marlena’s possession from DAYS, and some of Victor’s nefarious schemes from Y&R.

Check out the promo below.  Then, let us know if you will be checking out the ‘deep dive’ this Thursday via the comment section below.

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DOWNTON ABBEY THE MOVIE: Official Trailer Released

Finally, Downton Abbey fans get a preview of the upcoming motion picture that is set for release in theatres on September 20th.

What we know is that the The film is set in 1927 and the plot revolves around the King and Queen of England coming to the estate for a visit and so … the Crawleys must prepare their arrival.  In fact, they have to bring back Mr. Carson to help!

Featured in the trailer are series stars, who are also back for the film: Hugh Bonneville, Laura Carmichael, Michelle Dockery, Matthew Goode, Joanne Froggatt, Jim Carter and Maggie Smith.

Series creator Julian Fellowes wrote the script and Michael Engler will serve as director. Engler directed the two-hours series finale.

As fans know, Downton Abbey ran on PBS Masterpiece for six seasons here in the U.S.

Check out the trailer, and then let us know if you are excited to see the movie? Comment below.

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