Television City, one of the most famous studios in the entertainment industry where generations of TV shows have been created, is expected to hit the market again as its owner grapples with debt.

It’s the latest sign of distress in Hollywood as the film and TV industry struggles from a sharp falloff in production activity across Southern California.

Television City’s owner, Hackman Capital Partners, is already in the process of selling the historic Radford Studio Center, which gave L.A.’s Studio City neighborhood its name. Hackman defaulted on a $1.1-billion mortgage in January and investment bank Goldman Sachs took over the property, which is now escrow for a sale to Netflix.

The sprawling Television City property is one of the most desirable locations in Los Angeles, sharing fences with the Original Farmers Market and the luxury Grove outdoor shopping center, each of which attracts millions of visitors every year.

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Tagged: Economy BACK TO HOMEPAGE