CBS Sells Television City In LA To Developer For $750 Million

LOS ANGELES (AP) - CBS says it has sold Television City, its Los Angeles headquarters and production facility, to a real estate developer for $750 million.

Shows on Television City sound stages -- including "The Late Late Show with James Corden" and "The Price is Right" -- will continue to be based there for at least five more years.

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CBS said Monday that the buyer, Hackman Capital Partners, will have the right to use the Television City name in connection with its future operations on the property.

The media giant says the sale will increase its "financial flexibility."

CBS purchased the property at Fairfax Avenue and Beverly Boulevard in 1950 when it expanded its operations from New York to the West Coast.

Shows produced there over the decades include "All In The Family," "Three's Company," and "America's Got Talent."