Netflix’s deal to acquire Radford Studios remains unresolved, according to Hudson Pacific CEO Victor Coleman.
In an earnings call, Coleman explained that the proposed acquisition of the historic lot has not been finalized, and that it likely won’t be until “later in the year.”
“Netflix has not closed that transaction, and they are not deciding to close it until sometime, maybe, later in the year, or not,” Coleman said.
The streamer is one of Hudson Pacific Properties’ biggest tenants, leasing over 700,000 square feet of office and production space in the heart of Hollywood. Netflix is said to be weighing how much studio space they actually need in Los Angeles going forward.
“I can tell you that the replacement of Radford for their existing office doesn’t fit the footprint, as we’ve talked about in the past,” Coleman added. “We have and continue to have very fruitful, very productive conversations with them. I think we will have some resolution on some levels of that, hopefully by year end, and continuing these conversations positively for them to extend beyond 2031 is looking in the direction that we’re comfortable with.”
In response to Coleman’s comments, a Netflix spokesperson told TheWrap that the Radford Studios deal is progressing on the agreed upon timetable and with the agreed upon sets of milestone dates.
The latest news comes months after it was reported that Hackman Capital Partners was set to give up ownership of Radford Studio Center after refinancing talks between HCP and its lenders failed. Hackman nabbed Radford Studio Center (formerly known as CBS Studio Center) from ViacomCBS for $1.85 billion in 2021. Then, in 2023, the company vowed to invest $1 billion into the lot in order to renovate it.
Back in August, reports landed that Netflix was interested in purchasing the lot after the previous owners allegedly defaulted on a $1.1 billion mortgage. The streamer was reportedly in talks to scoop up the famed property, where “Gilligan’s Island” and “Seinfeld” were notably filmed, “for a fraction of its 2021 $1.85 billion sale price,” according to a report from Bloomberg.
Editor’s Note: This story has been updated to reflect the statement from Netflix’s spokesperson.
