Radford Studio Center, the storied movie lot that gave Studio City its name, is in financial distress and is expected to be returned to lenders as declining film and television production racks the entertainment industry. Formerly known as CBS Studio Center, the Los Angeles lot has been home to generations of landmark television shows including \u201cGunsmoke\u201d and \u201cSeinfeld.\u201d<\/p>\n
A street sign on the lot of the Radford Studio Center in Studio City.
\n(Gary Coronado \/ Los Angeles Times)
\nThe move follows Hackman\u2019s aggressive push in recent years to buy up studios to capitalize on anticipated growth, especially in the TV business. As of last year, the company had $10 billion in assets under management. Founded by silent film comedy legend Mack Sennett in 1928, the lot became known as \u201cHit City\u201d in the decades after World War II as popular TV shows such as \u201cLeave It to Beaver,\u201d \u201cGilligan\u2019s Island,\u201d \u201cThe Mary Tyler Moore Show,\u201d \u201cThe Bob Newhart Show\u201d and \u201cWill & Grace\u201d were made there.<\/p>\n
Culver City-based Hackman Capital Partners and Square Mile Capital Management teamed up to buy the Radford Avenue property from ViacomCBS in 2021 with a winning bid of $1.85 billion after a competitive battle for the 55-acre studio beloved by the television industry. At the time, the staggering price tag underscored the value \u2014 and scarcity \u2014 of TV soundstages in Los Angeles as content producers scrambled for space to shoot TV shows and movies to stock their streaming services. It was one of the largest ever real estate transactions for a TV studio complex in Los Angeles. A photo of actors John Wayne, center, Max Terhune, left, and Ray Corrigan in the movie \u201cThree Texas Steers,\u201d filmed in 1939, hangs on a wall at Radford Studio Center.
\n(Gary Coronado \/ Los Angeles Times)<\/p>\n
Since then, production has substantially declined. L.A. continues to battle the loss of production to other states and countries, as well as the continued effects on the industry of the pandemic and the 2023 dual writers\u2019 and actors\u2019 strikes. Cutbacks in spending at the major studios after a surge in streaming-fueled TV production have further damped film activity in Southern California. Total film and television shoot days for 2025 dropped 16.1% compared with the previous year, according to a recent report. The production decline has left many in Hollywood without work for months or even years.<\/p>\n
Last year\u2019s 19,694 shoot days was the lowest total since 2020, according to the nonprofit FilmLA, which tracks filming in the Greater L.A. area. In 2024, the total was 23,480 shoot days. \u201cWhile the year-end numbers are disappointing, they are not unexpected,\u201d Philip Sokoloski, spokesman for FilmLA, said in a statement. \u201cAlthough our overall numbers remain low, there are dozens of incentivized projects that have yet to begin filming.\u201d Financial incentives to film in California are offered through the state\u2019s revamped film and television tax credit program approved by state legislators and signed by Gov. Gavin Newsom last year. The new program now has a cap of $750 million, up from $330 million.<\/p>\n
\u201cWe are continuing to work with the Radford lenders on a path forward for this asset,\u201d Hackman Capital spokesman Nathan Miller said in a statement. \u201cThis is a challenging time for all suppliers and independent studio owners and operators in the U.S.\u201d
\nRepublic Avenue on the lot of Radford Studio Center in 2023.
\n(Gary Coronado \/ Los Angeles Times)
\nMiller added: \u201cWe have substantial capital behind us, hold 50% of our assets without debt, and remain geographically diverse, with 55% of our studios outside the U.S. This will help us to navigate through these troubled waters.\u201d Among its 19 properties are studios in England, Ireland, Scotland and Canada.<\/p>\n
A sticking point in Radford\u2019s financial challenges is MBS Group, which provides lighting and other production services for shooting locations and was acquired by Hackman Capital in 2019. In the last year, Bloomberg said, MBS broke away from Hackman while continuing to manage many of the firm\u2019s properties, including Radford. In a December letter to investors, Hackman said MBS had thwarted its efforts to restructure the loan, spurring its decision to return the property to lenders, Bloomberg said. \u201cMBS delivered a proposal requiring significant adverse changes to the Radford equipment rental agreement that would undermine the projected economics of the loan restructuring,\u201d Hackman said in the letter.<\/p>\n
Hackman is considered Hollywood\u2019s largest landlord. In 2019, Hackman Capital purchased CBS\u2019 other sprawling complex in Los Angeles \u2014 the 25-acre Television City adjacent to the Original Farmers Market and the Grove \u2014 for $750 million. Hackman Capital also owns the Manhattan Beach Studios Media Campus and the historic Culver Studios in Culver City, where \u201cGone With the Wind,\u201d \u201cRebecca\u201d and \u201cE.T.\u201d were filmed. Amazon Studios now operates from the site. Times staff writer Samantha Masunaga contributed to this report.<\/p>\n
Q: What is Radford Studio Center?
\nA: Radford Studio Center is a movie lot in Los Angeles that has been home to generations of landmark television shows.
\nQ: Why is Radford Studio Center in financial distress?
\nA: The studio is in financial distress due to declining film and television production in the entertainment industry.
\nQ: Who owns Radford Studio Center?
\nA: Hackman Capital Partners owns Radford Studio Center.
\nQ: What is the current state of film production in Los Angeles?
\nA: Film production in Los Angeles has declined substantially, with a 16.1% drop in shoot days in 2025 compared to the previous year.
\nQ: What is being done to incentivize film production in California?
\nA: The state has revamped its film and television tax credit program, which now has a cap of $750 million, up from $330 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
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