Netflix is moving ahead with its proposed acquisition of Radford Studio Center in Los Angeles, despite uncertainty raised by the facility’s current owner over when the deal will be completed.
The reported $400 million-plus purchase of the 55-acre production facility in Studio City is progressing according to an agreed timetable, a source close to the negotiations said.
The source said the transaction was advancing according to its agreed milestones, although the specific dates have not been disclosed.
The update comes after Hudson Pacific Properties Chief Executive Victor Coleman said during an earnings call on November 5 that Netflix had not completed the transaction.
Coleman added that the streaming company might decide whether to close the deal later in the year, or not proceed at all.
His comments triggered fresh uncertainty about the proposed acquisition, which has been under discussion since April.
Netflix did not respond to Deadline’s request for comment on the status of the deal.
The streamer was given additional time towards the end of the summer to examine the facility before proceeding with the purchase.
A Los Angeles real estate source told Deadlinethat Netflix had yet to sign the final agreement, but described the acquisition as a priority for the company.
The source also said the transaction would involve further planning for renovations and new construction.
The proposed purchase would give Netflix control of a major Hollywood production facility as the company seeks to expand its physical production operations.
The streamer currently operates from several properties owned by Hudson Pacific, including the ICON building and other locations along Sunset Boulevard. Its leases run until 2031, making Netflix one of the landlord’s biggest customers.
Netflix has also been expanding its studio operations outside California.
In New Mexico, it operates Netflix Studios Albuquerque, a 108-acre campus with 12 sound stages. Its Brooklyn facility has six sound stages, while a nearly 300-acre studio complex at Fort Monmouth in New Jersey is under construction at a projected cost of more than $1 billion.
The 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 has 22 sound stages, 210,000 square feet of office space and 172,737 square feet of support space.
The facility has hosted productions including Seinfeld, Gunsmoke and The Mary Tyler Moore Show. It was also a major production base for CBS over several decades and was previously known as Republic Studios.
Radford has several existing tenants whose leases would need to be addressed if Netflix takes over the property.
Hackman Capital Partners and its investors bought the studio from what was then ViacomCBS in 2021 for $1.85 billion, with plans to invest heavily in upgrades.
Those plans were affected by a downturn in film and television production in Los Angeles from around 2023. Hackman Capital later defaulted on a $1.1 billion loan, and 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 taken over as its content chief following the departure of Bela Bajaria.
Despite those pressures, the company is continuing its push to secure a permanent production base in Los Angeles.
A completed acquisition would give Netflix a major studio facility of its own in Hollywood and could provide a boost to an industry still dealing with reduced production activity and job losses.
Erizia Rubyjeana
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