Netflix Among Suitors Interested in Buying Radford Lot

Netflix is among the potential buyers of the Radford Studios lot in Studio City, according to a source familiar with the talks.

The streamer’s interest in the lot, which went into foreclosure earlier this year, was first reported on X on Sunday by Michael Trujillo, a political campaign consultant. Bloomberg confirmed the report on Tuesday, citing three sources with knowledge of the discussions.

Though the deal is not done, Netflix is believed to be a leading contender to buy the property.

Hackman Capital Partners bought the facility for $1.85 billion from ViacomCBS — as it was then known — in 2021. But occupancy has fallen dramatically since then while interest rates rose sharply, forcing the company default on its $1.1 billion note and ultimately to turn over the lot to Goldman Sachs, its largest lender.

Trujillo cited a sale price of around $400 million, saying he had heard rumors about the sale from brokers and City Hall.

Hackman continues to manage the property while Goldman looks for a buyer. Both companies declined to comment. Netflix also declined to comment.

The 55-acre site was first built in 1928 and is overdue for a renovation. Hackman announced plans in 2023 to put $1 billion into the property, but those plans have been put on hold.

Netflix has committed to build a $1 billion studio at Fort Monmouth, a former Army base in New Jersey. The streamer will be eligible for a 40% state subsidy for productions filmed at the studio, and has also been approved for up to $397 million in tax credits for redeveloping the 292-acre parcel.

Netflix has a similar deal with New Mexico, where it bought ABQ Studios in 2018 and invested heavily to expand it. The state offers an uncapped tax incentive of 25%-35% for “production partners,” like Netflix, that make long-term commitments to production infrastructure.

Hackman, the world’s largest independent studio owner, also owns Culver Studios, Television City, and other studios in L.A., New York, the U.K., Vancouver and New Orleans.