studio city

Streaming entertainment giant Netflix is in negotiations to buy the historic Radford Studio Center lot in Studio City.

Netflix plans to purchase the Los Angeles studio that has been home to generations of landmark television shows, including “Gunsmoke” and “Seinfeld,” according to two people with knowledge of the pending deal who were not authorized to speak about it publicly.

The studio’s previous operator, Hackman Capital Partners, defaulted on a $1.1-billion mortgage in January. Investment bank Goldman Sachs took over the property and is in talks with Netflix to sell it for between $330 million and $400 million.

Representatives for Hackman and Netflix declined to comment on the planned sale.

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 — and scarcity — 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.

Since then, production has substantially declined in Southern California. L.A. continues to battle the loss of production to other states and countries, as well as the lingering effects on the industry of the pandemic and the 2023 dual writers’ and actors’ strikes. Cutbacks in spending at the major studios after a surge in streaming-fueled TV production have further damped film activity in the region.

Founded by silent film comedy legend Mack Sennett in 1928, the lot became known as “Hit City” in the decades after World War II as popular TV shows such as “Leave It to Beaver,” “Gilligan’s Island,” “The Mary Tyler Moore Show,” “The Bob Newhart Show” and “Will & Grace” were made there. The storied lot gave the Studio City neighborhood its name,

Netflix, which has a market cap of about $455 billion — more than double that of Walt Disney Co. — has maintained its dominance in the global streaming business with more than 325 million subscribers.

The Los Gatos-based company has production offices worldwide, including facilities in Albuquerque, Brooklyn, London, Madrid and Toronto.

Netflix had secured an $82.7-billion deal to buy Warner Bros. studios and streaming services in December, but withdrew from the bidding war in late February after Paramount Skydance offered $31 a share. As part of the switch, Netflix was paid a $2.8-billion termination fee.

Grammy winner Lil Nas X is another step closer to potentially resolving his felony police battery case.

A Los Angeles judge on Monday granted the “Industry Baby” and “Old Town Road” singer’s motion for diversion, ordering the 26-year-old musician to enter a two-year mental health program, according to multiple outlets. TMZ reported that Lil Nas X — birth name Montero Hill — will be cleared of his four felony counts if he complies with treatment and commits no other crimes.

A legal representative for the rapper-singer, who was naked when he was arrested in Studio City last August, did not immediately respond to a request for comment on Monday. Lil Nas X, who returned to Van Nuys Courthouse for a hearing, told media he was feeling “thankful” and echoed a previous comment that he misses his fans.

“I’m just going through the flow of life,” he said outside the courthouse, according to video published by Rolling Stone reporter Nancy Dillon.

Lil Nas X, who rose to fame in 2019 with his hit song “Old Town Road,” was hospitalized and arrested in August after he was seen strolling in only his underwear and white boots through Studio City. By the time he was arrested he had shed even those items.

The singer received treatment at a nearby hospital for a possible overdose but was accused of assaulting police officers. He was charged with four felony counts: three counts of battery with injury on a police officer and one count of resisting an executive officer. Police allege the singer assaulted the officers who were trying to take him into custody. Lil Nas X had pleaded not guilty to all those counts.

Days after his Studio City episode, Lil Nas X reassured fans on social media he would be all right. “That was terrifying,” he recalled of his arrest,”that was a terrifying four days but ya girl’s gonna be all right.”

Rolling Stone reported that during Monday’s hearing Judge Alan Schneider said the singer’s behavior in August was “aberrant from his normal conduct” and related to his bipolar diagnosis. Schneider also observed that the artist “appears to be doing very well” and “when treated, he is much better off, and society is much better off,” the outlet said.