Netflix is moving forward with its planned acquisition of Radford Studio Center in Los Angeles, despite questions raised by the facility's owner regarding the timeline for completion. The reported purchase price exceeds $400 million and covers the 55-acre production facility located in Studio City. A source familiar with the negotiations indicated that the transaction is progressing according to an agreed schedule, though specific closing dates have not been disclosed.
The update follows remarks made by Victor Coleman, chief executive of Hudson Pacific Properties, during an earnings call on November 5. Coleman stated that Netflix had not yet completed the transaction and suggested the streaming company might decide later in the year whether to proceed or abandon the deal entirely. His comments introduced fresh uncertainty into what has been an ongoing discussion since April.
Netflix declined to comment on the status of the deal when approached by Deadline. The company was granted additional time toward the end of summer to evaluate the property before finalizing the purchase. According to a Los Angeles real estate source familiar with the matter, Netflix has not signed the final agreement but described the acquisition as a priority. The source also noted that the transaction would involve further planning for renovations and new construction at the facility.
The proposed deal would give Netflix control of a major Hollywood production complex as the company seeks to expand its physical production operations. Currently, Netflix operates from several properties owned by Hudson Pacific, including the ICON building and other locations along Sunset Boulevard. Its leases on these properties run until 2031, making Netflix one of the landlord's largest customers. The company has also been expanding its studio operations beyond California, operating Netflix Studios Albuquerque in New Mexico, a 108-acre campus with 12 sound stages. Its Brooklyn facility has six sound stages, while a nearly 300-acre studio complex under construction at Fort Monmouth in New Jersey is projected to cost more than $1 billion. That New Jersey project is expected to open its 12 sound stages in phases next year and in 2028. Netflix also operates Longcross Studios, its UK production base outside London, which has five sound stages.
Radford Studio Center features 22 sound stages, 210,000 square feet of office space, and 172,737 square feet of support space. The facility has hosted notable productions including Seinfeld, Gunsmoke, and The Mary Tyler Moore Show. It served as a major production base for CBS over several decades before being renamed Republic Studios. Several existing tenants at the facility have leases that would need to be addressed if Netflix takes over the property.
Hackman Capital Partners and its investors acquired the studio from what was then ViacomCBS in 2021 for $1.85 billion, with plans to invest heavily in upgrades. Those plans were disrupted by a downturn in film and television production in Los Angeles beginning around 2023. Hackman Capital later defaulted on a $1.1 billion loan, after which a Goldman Sachs-led group took over the property. The proposed Netflix acquisition comes as the company faces other challenges, including job cuts, declining audience engagement, and a falling share price. Peter Rice has also assumed the role of content chief following the departure of Bela Bajaria.
Despite those pressures, Netflix continues its push to secure a permanent production base in Los Angeles. A completed acquisition would give the company a major studio facility of its own in Hollywood and could provide a meaningful boost to an industry still grappling with reduced production activity and job losses.