Netflix’s Plan to Buy Radford Studios Lot Stalls

Netflix's negotiations to purchase the Radford Studios lot have reportedly hit a standstill. During an earnings call with Hudson Pacific CEO Victor Coleman, it was revealed that the proposed acquisition is still in limbo. The streaming giant is reportedly evaluating the amount of studio space they require in Los Angeles for the future.

"Netflix has not closed that transaction, and they are not deciding to close it until sometime, maybe, later in the year, or not," Coleman stated. As one of Hudson Pacific Properties' largest tenants, Netflix leases over 700,000 sq ft of office and production space at the heart of Hollywood. Coleman further explained, "The replacement of Radford for their existing office doesn't fit the footprint, as we've talked about in the past."

He added that they are continuing discussions positively, aiming for a resolution by year-end. A Netflix spokesperson did not provide immediate comment on the situation. This news follows reports that Hackman Capital Partners had relinquished ownership of Radford Studio Center after refinancing talks between HCP and its lenders failed.

Hackman had acquired the lot from ViacomCBS for $1.85 billion in 2021, pledging to invest $1 billion into the property for renovations. In August, it was reported that Netflix was interested in buying the lot after its previous owners reportedly defaulted on a $1.1 billion mortgage, with Bloomberg noting they were reportedly in talks for the property at a fraction of its 2021 $1.85 billion sale price.