Original Warner Bros movie studio lot sold

 

The original Warner Bros. studio in Los Angeles where "Casablanca," "The Waltons" and the current TV series "ER" were all filmed, has been sold, its owner said Thursday.

Tribune Co. said Hudson Capital LLC bought the property for $125 million.

It was the first major sale of Tribune property since Chicago real estate mogul Sam Zell took over the media conglomerate, whose holdings include the Los Angeles Times, the Chicago Tribune and 23 television stations.

The Warner Bros. studio, dating to 1923, was home to the first talking movies and legendary films such as "The Maltese Falcon" and "Rebel Without a Cause," and TV classics "Maverick," "The Dukes of Hazzard" and "Friends."

Tribune had owned the 10 1/2-acre Hollywood real estate since 1988. The lot now serves as home for Tribune Entertainment and Tribune Studios, which produces syndicated TV shows for the Chicago-based company. Television shows filmed at Tribune's production facilities on the lot include "Judge Judy" and "Hannah Montana."

Also on the lot is Tribune-owned local TV station KTLA, which will continue operating at the location through 2012 under a new five-year lease, Tribune said.

Tribune said it plans to use the sale proceeds as part of a like-kind exchange when it closes on its acquisition of some properties owned by TMCT Partnership, which is expected in April.

"The sale of the studios and other assets enables us to execute a tax-efficient, like-kind exchange to acquire a very strategic, long-term real estate position in downtown L.A. at an attractive price," Zell, Tribune's chairman and chief executive, said in a statement, referring to the Los Angeles Times property. "Further, the TMCT option will help us eliminate rent payments in several key markets."


Classic Movies, Film Business, Hollywood


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